January 23rd, 2012
08:24 AM ET

European Union bans Iran oil imports

The European Union banned the import of Iranian crude oil and petroleum products and banned the export of key petrochemical technology to the country Monday in an effort to cut off sources of funding for Iran's nuclear program, the EU announced.

Iran exports 2.2. million barrels of oil a day, with about 18% bound for European markets, according to the U.S. Energy Information Administration. The world consumes about 89 million barrels of oil per day.

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Filed under: European Union • Iran • World