Iran cuts oil exports to six EU countries
Iran has stopped crude supplies to Spain, Italy, France, Greece, Portugal and the Netherlands, reports Irans Press TV.
Tehran has fulfilled its threat to retaliate for the EUs oil embargo, agreed by the bloc in January. Ever since, officials within Iran have been calling to cork the black gold stream to "hostile" European nations, targeting economies weakened by the ongoing financial crisis. On Wednesday, these calls became reality.
Out of the six sanctioned countries, Italy, Spain and Greece account for up to 68 per cent of Iranian oil consumed in Europe. Half of Spanish and a third of Greek oil imports come from that country. The Spanish ambassador to Tehran has voiced deep concerns that the EU embargo would backfire on Madrids staggering economy, especially if Iran chooses to take a pre-emptive action.
http://rt.com/news/iran-oil-eu-emabrgo-381/
titaniumsalute
(4,742 posts)Iran is hurting financially because of the sanctions. So in order to "fight back" they are going to hurt themselves even more by reducing the amount of black gold they sell?
While I know they want to retaliate that seems really stupid to me. The old phrase "shooting yourself in the foot"comes to mind.
lunatica
(53,410 posts)It doesn't matter if the little people get hurt. The Ayatollah's and other leaders will be fine. Not to worry.
Of course that is happening in the rest of the governments too, so what's to worry about? Rest assured that the world's leaders will be OK so they can continue to run things.
We should count our lucky stars!
dipsydoodle
(42,239 posts)There are oddities regarding the manner in which and the timing of payments in the case of Iranian oil being supplied to those countries. I can't recall the exact details other than the fact that in some instances oil is supplied in payment for goods and services supplied to Iran - no money as such involved.
Shooting themselves in foot they may well be doing but at a cost insignificant in relation to what it will cost the economies of the EU.
There is also likely to be a knock effect because the absense of that oil will increase demand from elsewhere and drive the price up.
titaniumsalute
(4,742 posts)but as world market prices increase demand decreases. It will be interesting to see how this plays out.
Spider Jerusalem
(21,786 posts)is that the EU has banned imports of Iranian oil. So it's a symbolic and impotent act that does nothing, on the part of Iran.
Purveyor
(29,876 posts)is hinting of moving up that day to the present.
MACARD
(105 posts)the date was set at July 1st so as to prepare their countries for the embargo, get their oil from other sources and keep their economies from taking the the embargo so hard. if Iran moves up that date then the EU may not have prepared sufficiently and will have greater economic consequences.
pampango
(24,692 posts)Iran's Oil Ministry denied state media reports on the Islamic state stopping its crude exports to six European countries on Wednesday.
"We deny this report ... If such a decision is made, it will be announced by Iran's Supreme National Security Council," a spokesman for the ministry told Reuters.
Iran's English language Press TV had earlier said Tehran has stopped exporting oil to France, Portugal, Italy, Greece, Netherlands and Spain.
http://www.reuters.com/article/2012/02/15/us-iran-oil-europe-idUSTRE81E0QA20120215
dipsydoodle
(42,239 posts)exactly who does control Press TV.
Before they lost their UK broadcast licence recently , aside from overt bias in some instances, their news was pretty much uptodate. Checking their website would confirm that to be so.
4_TN_TITANS
(2,977 posts)Right from the start of the article, both Iran and the EU countries involved deny any knowledge of this.
jwirr
(39,215 posts)this is over they will not increase them again. At least that is the way I would play it.
pampango
(24,692 posts)Those current suppliers will then sell the the European countries cut off by Iran. Shipping costs and times may be higher (or they would have been buying from Iran to begin with) but the amount of oil sloshing around the world doesn't change.
jwirr
(39,215 posts)stockholmer
(3,751 posts)My gut reaction is to usually question seriously whatever the Anglo-American banksters and their NATO henchmen define as 'just', 'proper', or 'moving towards a real democratic outcome'.
In regards to the latter, if the 'real democratic outcome' actually elects a government that is not bankster/NATO-friendly, then the speed with which the election is deemed 'tainted', 'illegitimate', or 'undemocratic' usually is breathtaking.
MACARD
(105 posts)but from what i hear India is planning on Increasing its Iranian Oil Imports even bartering Oil for food.