Turkey Looks for Alternatives After Stopping Iranian Crude Imports - Forex News by FX Leaders

Turkey Looks for Alternatives After Stopping Iranian Crude Imports

Posted Thursday, May 23, 2019 by
Arslan Butt • 1 min read

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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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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