Economics
Oil Traders Prepare to Cut Iranian Crude on Trump Sanctions
- Spanish refiner Cepsa says it would seek alternative supplies
- Buyers await clarification on scale of reductions required
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European oil refiners and trading houses began preparing to cut purchases of Iranian crude after Washington imposed harsher sanctions on shipments from Tehran than many in the energy industry had expected.
The Trump administration has given buyers 180 days to wind down imports after pulling out of a landmark nuclear deal with world powers. Many of the traders and refiners who spoke to Bloomberg anticipate they’ll have to curb purchases unless the European Union can secure waivers, though none said they’ve taken such action yet.