Shell Upping Oil from Iran

In an article by The Guardian, it is reported that Shell has increased its amount of crude oil ordered from Iran, just as the US, UN, and EU increase trade sanctions on the country. While BP and Reliance Industries have stopped orders from the country, Shell continues to trade for oil, assuring that they will "continue to comply with the legislation." Iran is the world's fourth largest oil exporter, and it makes up 80% of the country's exports. Due to the sanctions, the market prices for Iranian oil have decreased, thus making it appealing for those who wish to trade with the country. The sanctions do not explicitly forbid the trade of crude oil with Iran, and Shell confirms that it is still abiding to the sanctions, the market prices, and "have no intention of trying to take advantage of the sanctions."

Posted by: Zach Porlier