I wish I could say this suprising. Greece needs to choose their oil or the banks who own them

[geefloyd46]

Iran has denied a shipment of crude oil to Greece, Fars news agency reported on Sunday. However, according to ISNA, an Iranian oil industry official has rejected the report, saying there had been no changes in Iranian oil shipment schedule.

A Greek oil tanker, denied loading of the expected 500,000 barrels of oil in Iran, has returned home, the Fars report says. The shipment was meant for Hellenic Petroleum refinery. The refinery official, however, denied that the company was refused any oil shipments from Iran.

“That has nothing to do with us … all supplies from Iran have been processed normally,” the official said, as cited by Reuters.

... According to some reports, over 50 per cent of all oil imported in Greece in 2011 was of Iranian origin. By comparison, in 2010 that amount was only about 16 per cent, while 46 per cent was imported from Russia.

Story here: http://laborspains.blogspot.com/2012/02/i-wish-i-could-say-this-suprising.html

[dipsydoodle]

1. Greece doesn't get it "free"

Its part of an exchange/barter program which removes the need for bank transfers and so defeats sanctions. Same applies to Italy and doubtless others too - India is now into this big time.

[xchrom]

2. i can't remember where -- but i read an interesting article -- india's poor are

the one's in india who rely on oil from iran.

[dipsydoodle]

3. I can only assume

Last edited Mon Feb 27, 2012, 08:19 AM - Edit history (1)

that's associated with stability of supply which would act as an insulator against price variations.

[xchrom]

4. i'm sure.

and i think proximity plays into that -- it's been interesting to watch india buck the western powers over this. i was surprised they did it.