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Oil Sanctions against Iran Cost the EU $7 Billion in 2 Months

The sharp increase in oil prices following the European Union’s oil ban against Iran (July 1) has cost the 27-member bloc nearly $7bln in the past two months.

While the average oil price stood at $95 in June (one month before the EU sanctions were put into effect), the figure increased to $102.5 and $107.5 in the two months after the implementation of the embargos.

The European officials have put the total volume of the EU oil imports at 11mln barrels a day. While the EU members paid $32.4bln for importing 11mln barrels of crude on June 31, they were made to pay $35bln in July and $36.7bln in August for the same volume of crude.

Estimates show that the EU has paid $6.9bln more for buying the same volume of oil during the two months after imposing the sanctions against Iran.

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