Reuters reports that the world largest oil trader - Vitol - continues to buy and sell Iranian oil. This could cripple efforts by Europe and the United States to pressure Iran to slow or stop its weapons program by cutting off its major source of government funds.
The news service reports:
Vitol last month bought 2 million barrels of fuel oil, used for power generation, from Iran and offered it to Chinese traders, Reuters established in interviews with 10 oil trading, industry and shipping sources in Southeast Asia, China and the Middle East. A spokesman for Vitol declined to comment.
Swiss-based Vitol is not obliged to comply with a ban imposed in July by the European Union on trading oil with Iran because Switzerland decided not to match EU and U.S. sanctions against Tehran.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Commodities, Oil & Gas