Refiners in Italy, Turkey and Greece are not yet rushing to buy Iranian crude after the US issued the countries sanctions waivers. The US reimposed sanctions on Tehran on 5 November, but granted China, Taiwan, Japan, South Korea, India, Greece, Italy and Turkey the right to take Iranian oil for the next six months. Italy, Greece and Turkey bought a combined 160,000 b/d of Iranian crude in October, Argus estimates, down from an average of 370,000 b/d in January-September. The time-limited nature of the exemptions and lack of clarity over shipping insurance mean that they are not yet rushing to continue their Iranian crude purchases.
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