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Iran Halts Oil Supplies To Uk And France


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#1 callaght

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Posted 19 February 2012 - 01:16 PM

http://www.bbc.co.uk...e-east-17089953

That's a bit bad isn't it?

Have they called our bluff?

#2 Chuffy Chuffnell

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Posted 19 February 2012 - 01:19 PM

http://www.bbc.co.uk/news/world-middle-east-17089953

That's a bit bad isn't it?

Have they called our bluff?


The EU is going to stop trading with Iran on the 1st of July so it makes very little difference.

It's just a way for Iran to show its people that it's "in charge" of the situation and that it can punish the West.

So long as oil keeps flowing out from Saudi Arabia, Iraq etc then it will make very little difference.

#3 callaght

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Posted 19 February 2012 - 01:21 PM

But isn't the 1st July deadline because that's the amount of time needed to get libya oil production up to cover this?

#4 potemkin

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Posted 19 February 2012 - 01:25 PM

http://www.bbc.co.uk/news/world-middle-east-17089953

That's a bit bad isn't it?

Have they called our bluff?


I am sure the Chinese will happily take all of the supply Iran is not going to ship to us.

#5 Errol

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Posted 19 February 2012 - 01:34 PM

I am sure the Chinese will happily take all of the supply Iran is not going to ship to us.


And India - paying in gold.

More and more people are moving away from the petrodollar. The dollar is slowly dying.

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#6 The Ayatollah Buggeri

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Posted 19 February 2012 - 01:34 PM

I am sure the Chinese will happily take all of the supply Iran is not going to ship to us.


And Greece, who, incidentally, have been getting an increasing proportion of their oil from Iran since they stopped being able to afford it from more conventional sources. A long article I read a few weeks ago (can't remember where, sorry) documented how Iran were starting to buy up Greek businesses and infrastructure with in-kind oil payments, all under the radar of the troika and everyone else. That will present quite a major headache for the EU if Greece leaves the euro and then becomes in effect an Iranian satellite right in their backyard.

#7 200p

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Posted 19 February 2012 - 02:03 PM

Top on the agenda at the next Bilderberg/CFR conference;

When, not if, we invade Iran.

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#8 Asheron

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Posted 19 February 2012 - 03:11 PM

Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday, in a retaliatory measure against fresh EU sanctions on the Islamic state's lifeblood, oil.

"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying by the ministry of petroleum website.

The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this.

Iran's oil minister said on Feb. 4 that the Islamic state would cut its oil exports to "some" European countries. The European Commission said last week that the bloc would not be short of oil if Iran stopped crude exports, as they have enough in stock to meet their needs for around 120 days.

Industry sources told Reuters on Feb. 16 that Iran's top oil buyers in Europe were making substantial cuts in supply months in advance of European Union sanctions, reducing flows to the continent in March by more than a third - or over 300,000 barrels daily.

France's Total [TOTF.PA 41.68 0.40 (+0.97%) ] has already stopped buying Iran's crude, which is subject to fresh EU embargoes. Market sources said Royal Dutch Shell [RDSA.L 2293.00 -1.00 (-0.04%) ] has scaled back sharply. Among European nations, debt-ridden Greece is most exposed to Iranian oil disruption.

Motor Oil Hellas of Greece was thought to have cut out Iranian crude altogether and compatriot Hellenic Petroleum along with Spain's Cepsa and Repsol were curbing imports from Iran. Iran was supplying more than 700,000 barrels per day (bpd) to the EU plus Turkey in 2011, industry sources said.

By the start of this year imports had sunk to about 650,000 bpd as some customers cut back in anticipation of an EU ban. Saudi Arabia says it is prepared to supply extra oil either by topping up existing term contracts or by making rare spot market sales. Iran has criticized Riyadh for the offer.

Iran said the cut will have no impact on its crude sales, warning that any sanctions on its oil will raise international crude prices.

Brent crude [LCOCV1 119.95 --- UNCH (0) ] oil prices were up $1 a barrel to $118.35 shortly after Iran's state media announced last week that Tehran had cut oil exports to six European states. The report was denied shortly afterwards by Iranian officials.

"We have our own customers ... The replacements for these companies have been considered by Iran," Nikzad said.

EU's new sanctions includes a range of extra restrictions on Iran that went well beyond U.N. sanctions agreed last month and included a ban on dealing with Iranian banks and insurance companies and steps to prevent investment in Tehran's lucrative oil and gas sector, including refining.

The mounting sanctions are aimed at putting financial pressure on the world's fifth largest crude oil exporter, which has little refining capacity and has to import about 40 percent of its gasoline needs for its domestic consumption.

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#9 james.cole

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Posted 19 February 2012 - 07:08 PM

It's a way for Iran to put the best face on it. Why not embargo the UK/France? Beat them to the punch and all!
Does it matter? Maybe, Saudi Arabia is always saying how they can cover any shortfalls, well now they can step up and do it.
NATO has secured Iraqi production and now Libyan production. This move is either a prelude to a war which secures Iranian oil or it is an opening for China to step in an seriously back Iran. Where I Chinese, I would say "Step in with 100% backing of Iran". With NATO roaming the world attacking at will, China would be mad not to call NATO's hand on Iran sooner rather than later.
As for Russia, they have caved in to NATO at every step for years now. Somehow the west has been ably to bully Russia on Iran as well. Like the failure to deliver S-300 anti aircraft missiles under contract. NATO complained and Russia backed down.
As for oil, the tensions can cause price rises, even if the supply remains constant. After all, markets work on sentiment, and any fears about Iran's status as a major producer going forward will spike prices.

On a side note, a major US military figure was on American CNN today and he threw cold water on any US attack on Iran. He also said USA was pushing Israel not to attack either. If this general is to be believed, the US administration has deep reservations about plowing into Iran with military attacks. I can only conclude that Iran has more defense ability than most people realize ,or more backing from Russia and China than we know of, or they already hold several nuclear weapons. After all, it is 2012, once you got the enriched material, making a bomb is easy. NK has done it, Pakistan has done it and I would argue Iran is better equipped and more modern of a power than wither of those two.

#10 MarkG

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Posted 20 February 2012 - 12:10 AM

NATO has secured Iraqi production and now Libyan production.


Bombing the country, destroying the government and leaving them on the verge of civil wars doesn't sound much like 'securing' to me.

The whole thing is silly, anyway. Iran will sell more oil to China and Europe will buy from other countries. Greece is probably extra-******ed though.
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#11 pepactonius

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Posted 20 February 2012 - 02:17 AM

On a side note, a major US military figure was on American CNN today and he threw cold water on any US attack on Iran. He also said USA was pushing Israel not to attack either. If this general is to be believed, the US administration has deep reservations about plowing into Iran with military attacks. I can only conclude that Iran has more defense ability than most people realize ,or more backing from Russia and China than we know of, or they already hold several nuclear weapons.


Either that, or Obama doesn't want to get into a another unpopular war during an election year.

#12 RufflesTheGuineaPig

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Posted 20 February 2012 - 02:28 AM

On a side note, a major US military figure was on American CNN today and he threw cold water on any US attack on Iran. He also said USA was pushing Israel not to attack either. If this general is to be believed, the US administration has deep reservations about plowing into Iran with military attacks. I can only conclude that Iran has more defense ability than most people realize ,or more backing from Russia and China than we know of, or they already hold several nuclear weapons. After all, it is 2012, once you got the enriched material, making a bomb is easy. NK has done it, Pakistan has done it and I would argue Iran is better equipped and more modern of a power than wither of those two.


Or more to do with the US army being already overstretched.
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#13 Sour Mash

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Posted 20 February 2012 - 12:23 PM

Or more to do with the US army being already overstretched.



They've substantially drawn down forces from Iraq and also scaled back in Afghanistan. They have plenty of spare capacity to feck over another Middle Eastern country on behalf of their friends in the Promised Land, especially if it means big US interests getting control over more oil reserves.

It'll be more down to Obama not wanting to get embroiled in an unpopular conflict in election year as pepactonius pointed out. Unless of course the Israelis go ahead anyway and the yanks are forced to take their side, as they unfailingly do whenever the tail wags the dog.

Plus ça change, plus c'est la même chose

#14 JustAnotherProle

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Posted 20 February 2012 - 12:38 PM

They've substantially drawn down forces from Iraq and also scaled back in Afghanistan. They have plenty of spare capacity to feck over another Middle Eastern country on behalf of their friends in the Promised Land, especially if it means big US interests getting control over more oil reserves.

It'll be more down to Obama not wanting to get embroiled in an unpopular conflict in election year as pepactonius pointed out. Unless of course the Israelis go ahead anyway and the yanks are forced to take their side, as they unfailingly do whenever the tail wags the dog.


I think it's less to do with oil ( that it isn't getting anyway) and more about an Islamic fundamentalist state obtaining nuclear weapons?.
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#15 easy2012

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Posted 20 February 2012 - 01:09 PM

The EU is going to stop trading with Iran on the 1st of July so it makes very little difference.

It's just a way for Iran to show its people that it's "in charge" of the situation and that it can punish the West.

So long as oil keeps flowing out from Saudi Arabia, Iraq etc then it will make very little difference.


Free money for Chinese/Indian then. Presumably these contraband crude will be cheaper and Ch/In will just buy them, refined them and the sell them
back to the world market and market prices and pocketing a health margin.




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