The European Union embargo on imports of Iranian oil will probably be delayed for six months to let countries such as Greece, Italy and Spain find alternative supplies, Bloomberg reports. Citing an EU official with knowledge of the talks Bloomberg said the embargo would also likely include an exemption for Italy, so that crude can be sold to pay off debts to Rome-based Eni SpA, Italy’s largest oil company. The embargo needs to be accepted by the 27- nation bloc’s foreign ministers on January 23. A ban on petrochemical products could, however, start sooner — most likely three months after EU ministers agree to the measure. The price of West Texas Intermediate crude oil dropped by $1.77, or 1.8 per cent to $99.10 a barrel on the news, the lowest settlement since December 30, on the news of the embargo’s delay.
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