Crude Declines As European Union Meets On Iran Oil Sanctions, Debt Crisis
23 January 2012
The EU bought 450,000 barrels a day of Iran’s oil in the first half of 2011, U.S. Energy Department data show. Saudi Arabia has unused daily production of as much as 2.2 million barrels a day, the IEA says. The Centre for Global Energy Studies, a consultancy founded by former Saudi Oil Minister Sheikh Ahmad Zaki Yamani, and Washington-based consultant PFCEnergy Inc. estimate it may be as high as 2.5 million.