Indonesia to Keep Buying Iranian Crude Amid Sanctions, IRNA Says

By webadmin on 12:44 pm Aug 07, 2012
Category Archive

Indonesia will continue buying Iranian crude regardless of economic sanctions against the Persian Gulf nation, the official Islamic Republic News Agency reported, citing the Indonesian ambassador to Iran.    

“Indonesia needs the trade with Iran, especially the purchase of Iranian oil, and it will pursue this cooperation,” Dian Wirengjurit told IRNA.    

The ambassador didn’t elaborate on the amount of crude his country imports from Iran, according to the report today. Indonesia wasn’t among the nine importers, including the European Union, that together bought 91 percent of Iran’s crude in the first half of 2011, according to the most recent data from the US Energy Information Administration.   

Shipments from Iran have plunged since the European Union banned the purchase, transport, financing and insuring of Iranian crude on July 1, building on US-led sanctions. The US and its allies accuse Iran of seeking to develop atomic weapons under the cover of its nuclear program, a charge the government in Tehran denies.    

Last month, Iran pumped 2.86 million barrels a day, down 300,000 barrels from June and the lowest level since February 1990. The Islamic republic is the third-biggest producer in the Organization of Petroleum Exporting Countries in July, after Saudi Arabia and Iraq.

Bloomberg