The European Union could eliminate around half of its imports of crude oil
from Iran by the end of 2Q, says Citigroup. This would reduce such imports by
between 300,000 and 350,000 barrels a day, it says.
This means that, combined
with action elsewhere to reduce Iranian imports, sanctions could be affecting
25%-35% of the country's crude exports by mid-2012, adds Citi. It is unlikely
that
Greece
,
which gets 40% of its oil from
Iran
,
would be able to substantially comply with the proposed E.U. ban, it says.