Having initially been somewhat noncommittal on whether it would abide fully by Western-led sanctions on Iranian crude, Turkey announced late last month it had agreed to comply with the sanctions and reduce its crude oil imports from Iran.

Officials in Ankara said the country’s refineries would aim to reduce their imports of Iranian crude oil by 22% this year compared to 2012 levels, to around 5.6mn tons (105,000 b/d). The lost volumes would be replaced with extra crude cargoes from existing suppliers – namely OPEC heavyweights Iraq and Saudi Arabia. (CONTINUED - 649 WORDS)