The EU has postponed by a month its review of the oil embargo on Iran, now scheduled to go into effect on 1 July, Wall Street Journal reported today. The move postpones the final embargo decision until after the talks on 23 May between Iran and the six major powers, adding urgency for the two sides to strike an agreement in Baghdad.
Meanwhile, Japanese refiner Cosmo Oil has renewed its crude oil term contract with the National Iranian Oil Co, but at lower and yet unspecified volumes, Platts reported today.
Now that the moment of truth is dawaning, weak EU economies are realizing that they don't have all the balls required to act on their intentions. The EU economy is still fragmenting and the damage isnt over.
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