Middle East Economic Survey

VOL. LIII

No 40

4-Oct-2010

IRAN

IOCs Increase Iranian Crude Oil Purchases

International oil companies (IOCs) Shell, Total and Italys API increased their orders for Iranian crude oil during May-August 2010, Britains Guardian newspaper reported on 28 September. While buying Iranian crude is not banned under international sanctions against Tehran, the increased trade is reportedly a result of the National Iranian Oil Company (NIOC) offering crude at rates below the...