Greece Said to Seek Oil Supply Assurances Under Iran Embargo

Greece is seeking assurances that a potential European Union embargo on oil imports from Iran won’t push the Greek economy over the brink by forcing it to seek higher-cost oil elsewhere, said a European diplomat with knowledge of the matter.

Greece, which bought 14 percent of its imported oil from Iran in the first half of 2011, wants the EU to ensure that any new oil contracts would include terms similar to those in its existing agreements with Iran, which doesn’t require financial guarantees, the diplomat said on the condition of anonymity because the talks are private.