You guys hear that? It's the calm before the storm. With the U.K. already paying record prices for oil, the Iranian embargo is more than likely to hit the Euro economy hard which will more than likely effect American Markets.
Bloomberg News- Ladane Nasseri
Iran stopped exporting crude oil to
French and British companies, the oil ministry’s news website
Shana reported, citing Alireza Nikzad Rahbar, a ministry
Iran “will give its crude oil to new customers instead of
French and U.K. companies,” Rahbar said. The halt in shipments
followed a warning by the oil minister that the Persian Gulf
country might act preemptively ahead of a European Union ban on
purchases of Iranian crude planned to start in July, he said,
according to the report today. Rahbar gave no further details.
The suspension of Iranian exports comes amid rising tension
in the Gulf over Iran’s nuclear program, which has prompted the
EU and the U.S. to impose additional sanctions against Iran,
restricting trade and financial transactions. Iran, the second-
largest producer in the Organization of Petroleum Exporting
Countries, after Saudi Arabia, is already under four rounds of
United Nations sanctions.
Iran threatened to halt oil shipments to Italy, Spain,
Portugal, Greece, France and the Netherlands when it summoned
their ambassadors to the Foreign Ministry on Feb. 15 to protest
against the EU’s punitive measures, state media reported. Iran
would end sales of crude to the six countries unless they agreed
to long-term contracts and payment guarantees, state-run Press
TV reported that day, without citing anyone.
French, British Imports
EU nations together bought 18 percent of Iran’s exports of
crude oil and condensates, or 452,000 barrels a day, in the
first half of 2011, according to the most recent data on the
website of the U.S. Energy Information Administration. France
purchased 2 percent of Iran’s shipments, or 49,000 barrels a
day, while the U.K. took less than 1 percent, the data showed.
Telephone calls for comment to the French foreign ministry
went unanswered today. A spokesman for Total SA (FP), France’s
largest oil company, didn’t answer calls to his mobile phone,
nor did he respond immediately to an e-mail. Total Chief
Executive Officer Christophe De Margerie told Bloomberg TV in a
Jan. 27 interview in Davos that the Paris-based company had
already stopped buying Iranian crude.
An official for Royal Dutch Shell Plc (RDSA), the biggest European
energy company, said she had no comment when Bloomberg contacted
her by phone in London, declining to be identified due to
company policy. BP Plc (BP/) doesn’t buy Iranian crude, David Nicholas, a London-based spokesman, said by phone.
Iran produced 3.545 million barrels a day of crude in
January, according to data compiled by Bloomberg. Iranian
exports in 2010 averaged 2.154 million barrels a day, EIA data
The EU cannot sustain such a damaging blow to its fragile economy. Begin swapping your useless fiat paper money for hard currency like gold or silver and do it IMMEDIATELY. Forecasts are pointing to the end of March for a full blown economic crisis in Europe based on Greek default that month and rocketing price of oil. This will in turn pull the rest of the world down with it. Get your shit together and do it now.
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