Turkey Reopens Oil Tap to Iran After Four-Year Hiatus, EU Countries Follow Suit

Turkey has resumed importing oil from Iran, nearly four years after halting shipments in compliance with US sanctions, according to data from the European Union's statistics agency, Eurostat.

Iran (IMNA) - The data shows that Turkey imported 576 metric tons of oil from Iran in March and another 485 mt in April.

This move is part of a growing trend, as more European countries are willing to ignore US sanctions on Iran and import oil from the country. Bulgaria, Poland, and Georgia, an EU candidate country, have also imported oil from Iran this year.

Bulgaria's oil imports from Iran increased by 113% in the quarter to March compared to the same period last year, reaching 314 mt. Poland made its first reported oil import from Iran in March, importing 19 mt. Georgia imported 544 mt of oil from Iran in the March quarter, down from 974 mt reported in the same quarter last year.

Iran's oil exports have reached record volumes of over 1.6 million barrels per day (bpd) in some months this year and in 2023, up from records lows of 0.3 million bpd reported in 2019 when the US tightened its sanctions on Tehran.

News ID 767964


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