Lower prices for Iran’s oil mean better margins for refiners, competition for Russia
Refineries across Europe are anticipating the return of Iranian crude oil to their operations, and the potentially higher margins as added crude pushes prices down further. Approximately 27.5% of Iran’s crude exports were to Europe in 2011, and refiners are excited to see the crude return, according to a report from Reuters.

“Iran has been a long standing valued partner … We are looking forward to Iran coming back to the market,” said a spokesman for Greece...

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