Turkey Agrees To Cut Iranian Oil Imports; Bows To U.S. And E.U. Pressure

Turkey has agreed to cut its oil imports from Iran under U.S. and E.U. pressure. The U.S. warned countries such as China, India, South Korea and Turkey that they will be subject to U.S. financial sanctions if they continue to buy oil from Iran, all significant importers of Iranian oil. Japan and about 9 other countries received exemptions once they reduced the amount of oil the imported from Iran.

Turkey said it will begin cutting it's imports of Iranian oil by about 10% hoping that will be enough to avoid U.S. financial sanctions and receive an exemption. Currently the U.S. has warned that any country or business doing business with Iran will be subject to U.S. financial sanction on their assets in the U.S. and its banking system.

Tupras, Turkey's largest oil import refinery, gets about 30% of its oil from Iran and said it would cut Iranian imports by about 20%. Turkey's Energy Minister Taner Yildiz said they will begin to make spot purchases from Saudi Arabia and are expecting new sources from Libya soon.

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