Defiant Iran could withdraw oil in nuclear row

[NNN0LHI]

http://today.reuters.com/business/newsarticle.aspx?type=reutersEdge&storyID=2006-01-17T143057Z_01_L13668738_RTRUKOC_0_US-ENERGY-IRAN-OIL.xml

LONDON (Reuters) - OPEC power Iran wields a potent weapon -- oil -- which if fired to ward off international pressure over its nuclear programme could blast prices to record levels last seen during the 1979 Iranian Revolution.

Emboldened by strong prices and stretched global supplies, Tehran could retaliate by removing all or part of its daily crude sales of 2.4 million barrels from thirsty world markets.

As the United States and its European Union allies lose patience with the Islamic Republic, President Mahmoud Ahmadinejad has kept the world guessing as to whether the world's fourth biggest crude exporter will withhold supplies.

"We have the necessary tools to defend our rights," he told a news conference on Saturday. "Those who use harsh language against Iran need Iran 10 times more than we need them."

[acmavm]

1. As the US and its Eurpoean allies lose patience? Excuse me,

I think pretty much most of the planet is sick and tired of our nasty habit of starting unwinnable wars. It's stretching things a little thin to think that most of Europe backs our idiot-in-chiefs stupidity.

[Zenlitened]

2. "Tehran could retaliate by removing all or part of its daily crude sales "

Well, but they can't cut off their own legs completely. I'm not sure "turning off the spigot" is how they'll exert pressure or retaliate.

:shrug:

[thefloyd]

3. Good Point

I guess one way could be Russia supplies Iran but I doubt that would happen

[400Years]

5. Well I'm sure China will be willing to buy and Iran will sell to them

[Zenlitened]

6. India, too, I'd imagine.

I wish the article would have explored these possibilities, rather than just saying Iran will "stop selling oil."

[NNN0LHI]

7. They will probably just turn off half of their output which would...

...drive prices up to the point that they would probably make more actual profit by selling less oil. Nice thought huh?

Don

[Zenlitened]

8. Ah, that could be exactly it. "Creating scarcity." It worked great...

... for the oil companies here in the US. And they got to blame "those environmentalists" for the lack of refinery capacity, while they were at it. :grr:

[NNN0LHI]

9. I am sure that is what they have up their sleeve

Or something very similar. If they could get others like Venezuela to join in it would be doubly bad for us.

Don

[kahleefornia]

4. so...they're threatening to

take THEIR oil away from Us?? Who do they think owns their oil, anyway?? The nerve!!!