Brussels, 02/07/2012 (Agence Europe) - Not a drop of Iranian oil can now be brought into the EU legally. The European ban on imports from the world's third oil largest exporter that was agreed at the end of January to put pressure on Tehran to suspend its nuclear programme, came into effect on Sunday 1 July.
The EU is thus foregoing 600,000 barrels of Iranian crude per day. Member states have, of course, had five months to find alternative supplies, which will come from Saudi Arabia...