Sri Lanka expects 10% drop in its Iran crude demand
(Srilankamirror) - Sri Lanka expects a range of inflation-fighting policies will cool demand enough to help it trim its crude imports from Iran by at least 10 percent, a senior government official said today (Feb. 24).
“We’re quite confident there will be a reduction in the quantity of oil we purchase because of our new policies,” the official has told Reuters on condition of anonymity.
“Our own view is that it will reduce by at least 10 percent, and that will satisfy both parties.”
Sri Lanka may be hard hit by US sanctions on Iran, given that it gets 93 percent of its crude from Tehran.