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Joined: May 2001
Posts: 18,346 Likes: 1
Campfire Ranger
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OP
Campfire Ranger
Joined: May 2001
Posts: 18,346 Likes: 1 |
Escalation... Who will blink first. I think it will be Europe. Iran Set to Turn Off Oil Supply to Europe
It's a move which has tit-for-tat written all over it, but one which could nonetheless have a serious impact: The Iranian government wants to present a bill to parliament this weekend calling for an immediate halt to oil deliveries to Europe. The move, with most reports citing the Iranian news agency Mehr, has come about in response to the EU agreement to impose sanctions against Iran, which were announced earlier this week.
The sanctions banned any new contracts for buying oil from Iran, but allowed existing deals to continue until July in order to give countries time to find other sources. But that process is now at risk after the latest move from Tehran, a step the Iranian government had already threatened.
"If this bill is passed, the government will be forced to stop selling oil to Europe before the actual implementation of their sanctions," said Emad Hosseini, spokesman for the Iranian parliament's energy commission, reportedly said. The bill is set to become law on Sunday.
The EU sanctions allow for oil deliveries from Iran until July 1. Any pre-empting of this timescale by Tehran could prove problematic for countries like Italy, Greece and Spain, who would need to urgently find new suppliers.
China, meanwhile, a major importer of Iranian oil, has also criticized the EU sanctions. The Xinhua news agency quoted the Chinese Foreign Ministry on Thursday as saying: "To blindly pressure and impose sanctions on Iran are not constructive approaches."
Economic Consequences
Many members of the EU are now heavily dependent on Iranian oil. Some 500,000 barrels arrive in Europe every day from Iran, with southern European countries consuming most of it. Greece is the most exposed, receiving a third of all its oil imports from Iran, but Italy too depends on Iran for 13 percent of its oil needs. If this source were to dry up abruptly, the economic conditions in the two struggling countries could become even worse.
Already on Wednesday, the International Monetary Fund (IMF) warned of the economic consequences of the EU's planned embargo. Stopping deliveries from the world's fifth largest producer could drive up the price of oil by 20 to 30 percent.
And the prices of different types of oil did rise on Thursday, albeit only slightly. In the morning, the cost of a barrel of North Sea Brent Crude was $110.73, 92 cents more than on Wednesday. The price of a barrel of WTI from the US was up 81 cents at $100.21.
Carpe' Scrotum
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Joined: Jan 2012
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Campfire Ranger
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Campfire Ranger
Joined: Jan 2012
Posts: 26,568 Likes: 3 |
....and we don't need to be drilling here.
FJB & FJT
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Campfire Tracker
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Campfire Tracker
Joined: Nov 2004
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They can't make soup out of it. In the long run, it's nothing but cymbal banging.
NRA Lifer "It is curious that physical courage should be so common in the world and moral courage so rare." - Mark Twain "Everybody has principles... until they are an inconvenience." - Me
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Campfire Outfitter
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Campfire Outfitter
Joined: Apr 2005
Posts: 13,777 Likes: 6 |
...and the prices rise when nothing has really even happened yet.
I don't follow this crap but.....doesn't Iran need the $ from Europe (and anyone else)? If they don't export, then they lose the inflow of $. ...so they send the oil somewhere else...the somewhere else they send it to will not need the supplier that is currently supply them with oil...so the countries in Europe then get their oil from that supplier.
...and TO HECK WITH WHAT CHINA THINKS!
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Apr 2004
Posts: 42,848 Likes: 7 |
I still follow the philosophy Robin Williams used in a skit..but its good philosophy...
over them $10 a barrel... if they don't want to sell it for that... go find someone else or drown in it..
"Minus the killings, Washington has one of the lowest crime rates in the Country" Marion Barry, Mayor of Wash DC
“Owning guns is not a right. If it were a right, it would be in the Constitution.” ~Alexandria Ocasio Cortez
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Joined: Apr 2010
Posts: 15,864
Campfire Ranger
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Campfire Ranger
Joined: Apr 2010
Posts: 15,864 |
...and the prices rise when nothing has really even happened yet.
I don't follow this crap but.....doesn't Iran need the $ from Europe (and anyone else)? If they don't export, then they lose the inflow of $. ...so they send the oil somewhere else...the somewhere else they send it to will not need the supplier that is currently supply them with oil...so the countries in Europe then get their oil from that supplier.
...and TO HECK WITH WHAT CHINA THINKS!
I used to play this game as a kid, only we called it "chicken".
"Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." - John Adams
Turdlike, by default.
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Joined: Nov 2003
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Campfire Kahuna
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Campfire Kahuna
Joined: Nov 2003
Posts: 67,767 Likes: 5 |
isn't it great to know that hussein has OUR back in this game? He does, right?
Sam......
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Posts: 10,896
Campfire Outfitter
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Campfire Outfitter
Joined: Mar 2010
Posts: 10,896 |
Well we'll just see if the Saudi's increase production to make up for it as they claimed they would.Big ifs about walking the talk in this case!
You better be afraid of a ghost!!
"Woody you were baptized in prop wash"..crossfireoops
Woody
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Campfire Regular
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Campfire Regular
Joined: Jan 2006
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isn't it great to know that hussein has OUR back in this game? He does, right? Yes, he literally and figuratively has our back in his ideological crosshairs.
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Joined: May 2001
Posts: 18,346 Likes: 1
Campfire Ranger
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OP
Campfire Ranger
Joined: May 2001
Posts: 18,346 Likes: 1 |
Well we'll just see if the Saudi's increase production to make up for it as they claimed they would.Big ifs about walking the talk in this case! A multi-axis balancing act for the Saudis for sure. - Getting a higher oil price - good
- High oil prices killing the world economy - bad
- War in the gulf - bad
- Selling to war makers -good
- Subjugated by the Persians - bad
Carpe' Scrotum
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Joined: Jun 2006
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Campfire Outfitter
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Campfire Outfitter
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They can't make soup out of it. In the long run, it's nothing but cymbal banging. China will buy it.
That which does not kill us makes us stronger
Friedrich Nietzsche
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Campfire Regular
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Campfire Regular
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India already bought a bunch this week with gold instead of euros or dollars.
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Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
Cain't nobody buy stuff with gold.
Hail far,..
Gold ain't money.
Ben Bernanke said so.
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Campfire Oracle
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Campfire Oracle
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Campfire Regular
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Campfire Regular
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Cain't nobody buy stuff with gold.
Hail far,..
Gold ain't money.
Ben Bernanke said so. Of course, if anyone is paying attention, they know that Iran just signed its death warrant with that gold transaction. We really could not care any less about nukes, but when they go off the dollar standard, their days are numbered.
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Campfire Tracker
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Campfire Tracker
Joined: Jun 2009
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I think Europe has more to fear from the Russians cutting them off than Iran.
A lap dance is sooooo much better when the stripper is crying
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Campfire Tracker
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Campfire Tracker
Joined: Nov 2004
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They can't make soup out of it. In the long run, it's nothing but cymbal banging. China will buy it. And what will happen to the oil China WAS going to buy? Threats by ONE country (without at LEAST OPEC collusion) to affect the oil supply as a 'punishment' to another country or countries is nothing but theatre even in the short term. An oil exporter must be a material percentage of the world's supply and NOT have it as a material percentage of their own country's economy to pull that off. That country doesn't exist.
NRA Lifer "It is curious that physical courage should be so common in the world and moral courage so rare." - Mark Twain "Everybody has principles... until they are an inconvenience." - Me
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Joined: Mar 2005
Posts: 17,527
Campfire Ranger
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Campfire Ranger
Joined: Mar 2005
Posts: 17,527 |
I am paying almost $3.60 a gallon still, can't wait for it to climb even higher for no reason. Sanctions against Iran, are sanctions against consumers at the pump.
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Campfire Member
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Campfire Member
Joined: Jul 2005
Posts: 455 |
Am I mistaken, or is Iran the ONLY oil producing nation in the mideast? The country of Iraq comes to mind. I'm just sayin'.
Jim
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Campfire Tracker
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Campfire Tracker
Joined: Aug 2004
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isn't it great to know that hussein has OUR back in this game? He does, right? Yes, he literally and figuratively has our back in his ideological crosshairs. I think it's more like he's got a hand on each shoulder.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." TJ
"All that is necessary for the triumph of evil is for good men to do nothing". EB
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