Embargo On Iranian Oil Delayed By Six Months

Iran fishing boat

Photo: U.S. Navy

A European Union embargo on Iranian oil will likely be delayed by six months, Bloomberg’s Thomas Penny reports.┬áSources tell Penny the E.U. is holding for countries including Italy, Greece and Spain to find alternative energy sources.

New York oil prices have fallen 1.8% on the news.

The report is a sharp turn from expectations for the E.U. to impose the embargo by January 23.

“The preparations for the new set of restrictive measures are ongoing with a view of adoption by Foreign Affairs Council on 23 January,”┬áMaja Kocijancic, a spokeswoman for the European Commission, told Business Insider. She declined to comment further.

Iran is the second largest OPEC oil producer, with 3.6 million barrels recovered per day last month.

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