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Turkey Looks for Alternatives After Stopping Iranian Crude Imports

A Turkish official has confirmed that the country stopped importing crude oil from Iran in May 2019 when the US ended sanction waivers. According to analysts, Turkey is expected to cover the loss of Iranian crude supply by importing oil from Iraq, Russia and Kazakhstan.

Turkey had previously appealed to the US to extend Iran’s sanction waiver beyond 1 May but this was not granted.

Turkey, however, continues to distance itself from the US-Iran issues by maintaining that it does not agree with US sanctions on Iran.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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