Iran has stopped shipping oil to Greece and may halt supplies to Royal Dutch Shell PLC over unpaid bills…
April 6, 2012, 8:30 a.m. EDT
By Benoit Faucon
LONDON -(MarketWatch)- Iran has stopped shipping oil to Greece and may halt supplies to Royal Dutch Shell PLC over unpaid bills, Iran media said Friday, as the impact of sanctions widens.
The news suggests a decline in Iranian oil exports last month may accelerate as banking sanctions add to an upcoming European ban on Tehran oil. That could lead to upward pressure on oil prices, which have recently surged to a four-year high.
The Mehr news agency said that, due to unpaid bills, Iran stopped deliveries to Greek refiners Hellenic Petroleum and Motor Oil. Greece has long been the European Union country relying the most on Iranian oil–sometimes for as much as a third of its supplies. read more
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