European refiners plan to wind down Iranian crude oil purchases following the U.S. government's announcement that it would reinstate sanctions on Iran after having withdrawn from the 2015 Iran nuclear pact, Reuters reported.
The decision to halt Iranian oil imports could imperil European efforts to salvage the nuclear deal.
Exports to European refiners including France's Total SA, Italy's Eni SpA and Saras S.p.A., Spain's Repsol SA and Compañía Española de Petróleos SAU and Greece's Hellenic Petroleum SA account for nearly a fifth of Iranian crude sales to foreign buyers. The bulk of Iranian exports, which have averaged 2.5 million barrels per day in recent months, flow to Asia.
Last week, Indian refiner Reliance Industries Ltd, which owns the world's largest crude oil refinery, said it would halt Iranian crude oil purchases as a result of U.S. sanctions.
