Total (TOT -0.5%) stops buying oil from Iran, as per the new EU sanctions, but CEO Christophe de...

|By:, SA News Editor

Total (TOT -0.5%) stops buying oil from Iran, as per the new EU sanctions, but CEO Christophe de Margerie doubts the boycott will have a big effect on Iran or on prices. Of Iran's 2.2M bpd exports, 1.5M go to Asia, so, de Margerie says, "Iran may give a discount to make it easier and quicker (to re route this oil) and nothing will change."