Royal Dutch Shell PLC says it will stop buying oil from Iran within several weeks, ahead of a July deadline imposed by the European Union.
A spokesman for the company today confirmed remarks made by Chief Executive Peter Voser at a conference in Houston on March 7. The spokesman asked that his name not be published due to company policy.
He could not confirm industry analyst estimates that Shell purchases around 200,000 barrels of oil per day from Iran, shipping half to Japan and half to Europe.
Shell, Europe's largest oil company, had previously said it would comply with Western sanctions against Iran, but had not said when.
The company does not produce oil in Iran, and has shelved plans to develop a major offshore gas field there.