Wednesday, November 23, 2011

Iran buys crude oil from sanctions-hit Syria

Iran has lifted crude from sanctions-hit Syria, the country's first export since late September, and more exports could follow from the country as buyers from India, Russia and China line up vessels.

An Iranian-owned entity this week lifted 80,000 tonnes (586,400 barrels) of Syrian crude, consisting 50,000 tonnes of heavy Souedie and 30,000 tonnes of Syrian Light, at Baniyas, the report said, citing trading and shipping sources.

Sanctions aimed at crude oil exports have warded off normal buyers of Syrian crude, which mainly flowed to Europe, causing storage tanks to brim and forcing cuts.

Syria produced around 350,000 barrels per day (bpd) before the unrest of which about a third was exported.

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