Italy Oil Sector Fears Inevitable Ban on Iran Crude

Reuters Africa reported that Italy cannot prevent sanctions against heavy crude imports from Iran.

As quoted in the market news:

Pressure from the United States to isolate Iran over its nuclear plans has mounted and the EU has agreed in principle to new sanctions on Iranian people, assets and companies. Italy relies on Iran for around 13 percent of its crude oil needs, equivalent to over 10 million tonnes per year (around 200,000 barrels per day).

Click here to read the full Reuters Africa report.