…Italy: Iran Down; Iraq, Saudi Up

Italy for now takes more Gulf crude than Spain, though volumes fell 15% to 471,000 b/d for 2018.

The key 2018 loser was Iran as Italy failed to take advantage of a US ‘waiver’ and imported zero for the last two months of 2018. This left overall Iranian volumes for 2018 down 35% at 120,000 b/d, though this was still enough to keep Italy ahead of Spain as Iran’s top EU customer ( MEES, 15 February ).

Iraqi volumes rose 8% year-on-year to 185,000 b/d, overtaking Iran for second place. Saudi Arabia supplied 20% more at 145,000 b/d, enough to climb to third. Libya was the biggest winner, seeing volumes leap 23% to 127,000 b/d and bagging fourth spot in the process. (CONTINUED - 130 WORDS)