Iran cuts oil exports to six EU countries

[Owlet]

Iran has stopped crude supplies to Spain, Italy, France, Greece, Portugal and the Netherlands, reports Iran’s Press TV.

­Tehran has fulfilled its threat to retaliate for the EU’s 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 Madrid’s staggering economy, especially if Iran chooses to take a pre-emptive action.

http://rt.com/news/iran-oil-eu-emabrgo-381/

[CAPHAVOC]

1. Uh Oh.

[titaniumsalute]

2. OK so let me get this straight

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]

3. Like every other Totalitarian Theocracy

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]

6. Its not quite like that

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]

11. Yes it will drive up world markets...

but as world market prices increase demand decreases. It will be interesting to see how this plays out.

[Spider Jerusalem]

4. Which is a futile and pointless gesture since the whole point of an embargo...

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]

13. The EU wanted to choose the 'timing' of the embargo, having it start on July 1st. Iran

is hinting of moving up that day to the present.

[MACARD]

15. Exactly the EU set that Date for a reason

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]

5. Reuters: Iran oil ministry denies state media reports on EU oil stop

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]

7. I sometimes wonder

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]

8. That was misleading....

Right from the start of the article, both Iran and the EU countries involved deny any knowledge of this.

[jwirr]

9. And if they have been cut they will be redistributed to other countries that support Iran so when

this is over they will not increase them again. At least that is the way I would play it.

[pampango]

10. Exactly. India and China may buy more Iranian oil which means they need less from current suppliers.

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]

12. This is exactly why an imbargo never works. It is like the black market-always available somewhere.

[stockholmer]

14. one nation or power bloc's 'black market' is another nation or power bloc's 'free trade'

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]

16. Not for lack of Trying the EU has been pressuring India to embargo Iranian Oil

but from what i hear India is planning on Increasing its Iranian Oil Imports even bartering Oil for food.