Oil Price Jumps as Iranian Oil Exports Drop

Brent crude jumped on Friday on news that Iranian oil exports have fallen significantly in March as some buyers stop or scale back purchases amid tightening Western sanctions aimed at slowing Tehran's nuclear program.

Crude exports from Iran appear to have fallen this month by around 300,000 barrels per day (bpd), or 14 percent, the first sizeable drop in shipments this year, according to estimates from industry consultant Petrologistics and an oil company.

Britain and the U.S. are in talks about possible releasing oil stockpiles in an effort to drive prices lower, a U.K. cabinet minister confirmed Friday.

European buyers of Iranian crude including France's Total have already stopped buying the oil, which is subject to European Union sanctions from July 1. Royal Dutch Shell is scaling back.

Read Full Article from CNBC.com

- Posted: 2012-03-23 10:55:36

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