Koko78 Posted February 19, 2012 Share Posted February 19, 2012 Maybe they'll hold their breath and stomp their feet next! "Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying by the ministry of petroleum website. That's all well and good, except... EU's new sanctions includes a range of extra restrictions on Iran that went well beyond U.N. sanctions agreed last month and included a ban on dealing with Iranian banks and insurance companies and steps to prevent investment in Tehran's lucrative oil and gas sector, including refining. The mounting sanctions are aimed at putting financial pressure on the world's fifth largest crude oil exporter, which has little refining capacity and has to import about 40 percent of its gasoline needs for its domestic consumption. Those fictitious "new customers" can't buy oil in US Dollars or Euros. Good luck with those "new sales". Link to comment Share on other sites More sharing options...
Bigfatbillsfan Posted February 19, 2012 Share Posted February 19, 2012 Maybe they'll hold their breath and stomp their feet next! That's all well and good, except... Those fictitious "new customers" can't buy oil in US Dollars or Euros. Good luck with those "new sales". Oh come on Koko, Even Iran should be be able to have special imaginary friends. Link to comment Share on other sites More sharing options...
Koko78 Posted February 19, 2012 Author Share Posted February 19, 2012 (edited) Oh come on Koko, Even Iran should be be able to have special imaginary friends. Meh, I think the Ayatollah just needs a hug from an unrelated, unmarried female and a nice bacon sandwich to mellow him out. Edited February 19, 2012 by Koko78 Link to comment Share on other sites More sharing options...
Just Jack Posted February 19, 2012 Share Posted February 19, 2012 Those fictitious "new customers" can't buy oil in US Dollars or Euros. Good luck with those "new sales". What about pesos? Link to comment Share on other sites More sharing options...
Koko78 Posted February 19, 2012 Author Share Posted February 19, 2012 What about pesos? ¿Qué? Link to comment Share on other sites More sharing options...
IDBillzFan Posted February 20, 2012 Share Posted February 20, 2012 ¿Qué? "Gloria, I think you're going to get along great with Kay." Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted February 20, 2012 Share Posted February 20, 2012 I bet a Ruble Russia will buy. Link to comment Share on other sites More sharing options...
DC Tom Posted February 21, 2012 Share Posted February 21, 2012 As good a thread as any... Iran, today: “Our strategy now is that if we feel our enemies want to endanger Iran’s national interests, and want to decide to do that, we will act without waiting for their actions.” They're adopting a position of preemptive strike. Yes, they're adopting the Bush Doctrine. Make of that irony what you will. Plenty to go around. Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted February 22, 2012 Share Posted February 22, 2012 As good a thread as any... Iran, today: “Our strategy now is that if we feel our enemies want to endanger Iran’s national interests, and want to decide to do that, we will act without waiting for their actions.” They're adopting a position of preemptive strike. Yes, they're adopting the Bush Doctrine. Make of that irony what you will. Plenty to go around. It is kinda funny... I just read a story today that Iran is now denying access to some requested nuke sites the UN inspectors want to look at. You almost have to wonder at what point Iran just decides that an Israeli attack is unavoidable and the just pre empt it with their own attack and further destabilize the gulf. Here's to hoping oil doesn't rise too much Link to comment Share on other sites More sharing options...
....lybob Posted February 22, 2012 Share Posted February 22, 2012 As good a thread as any... Iran, today: “Our strategy now is that if we feel our enemies want to endanger Iran’s national interests, and want to decide to do that, we will act without waiting for their actions.” They're adopting a position of preemptive strike. Yes, they're adopting the Bush Doctrine. Make of that irony what you will. Plenty to go around. From what I've read cutting off Iranian oil to Europe won't make a difference with the one caveat being that it takes refineries some time to switch between different types of crude (I've read it takes a couple weeks to a couple months) so it's a little more painful if Iran cuts them off rather then letting them switch on their own timeline- while it doesn't make a difference if Iranian oil is cut off from Europe because oil is fungible it will make a considerable difference if Iranian oil is taken off the global market and other countries can't or won't increase production to cover the difference, small shortfalls in supplies makes for large price increases, it will be interesting to see if the Saudis increase their production as they are promising to do because they have promised that before and have not come through. Link to comment Share on other sites More sharing options...
Magox Posted February 22, 2012 Share Posted February 22, 2012 From what I've read cutting off Iranian oil to Europe won't make a difference with the one caveat being that it takes refineries some time to switch between different types of crude (I've read it takes a couple weeks to a couple months) so it's a little more painful if Iran cuts them off rather then letting them switch on their own timeline- while it doesn't make a difference if Iranian oil is cut off from Europe because oil is fungible it will make a considerable difference if Iranian oil is taken off the global market and other countries can't or won't increase production to cover the difference, small shortfalls in supplies makes for large price increases, it will be interesting to see if the Saudis increase their production as they are promising to do because they have promised that before and have not come through. They'll make up some of the shortfall. It is in their best interest to not see prices get out of control. Link to comment Share on other sites More sharing options...
3rdnlng Posted February 22, 2012 Share Posted February 22, 2012 They'll make up some of the shortfall. It is in their best interest to not see prices get out of control. Didn't they announce a cutback today? Link to comment Share on other sites More sharing options...
....lybob Posted February 22, 2012 Share Posted February 22, 2012 They'll make up some of the shortfall. It is in their best interest to not see prices get out of control. The reason it will be interesting is that there is a difference of opinion of how much spare capacity the Saudis actually have- they increased output to about 10mil a day to replace Libyan oil and meet increased Asian demand, Saudi officials say they can easily add another 1 to 1.5 million barrels of daily production but other oil experts say they are pretty much at their limit right now- but I agree that if they can supply the extra oil then they will not only to prevent prices from getting out of control but next to Israel they are Iran's worst enemy. Link to comment Share on other sites More sharing options...
Magox Posted February 22, 2012 Share Posted February 22, 2012 The reason it will be interesting is that there is a difference of opinion of how much spare capacity the Saudis actually have- they increased output to about 10mil a day to replace Libyan oil and meet increased Asian demand, Saudi officials say they can easily add another 1 to 1.5 million barrels of daily production but other oil experts say they are pretty much at their limit right now- but I agree that if they can supply the extra oil then they will not only to prevent prices from getting out of control but next to Israel they are Iran's worst enemy. It's hard to know exactly how much spare capacity they actually have, they always have tried to give the appearance that they have more than they actually do. In any case, even if they do make up most of the shortfall the less total spare capacity available, the higher the price even if supply is fully accounted for. Didn't they announce a cutback today? From what I read, no. I believe their shipments were down from the previous month, according to one of the accounting agencies. Down from a record high. I think, it's too late for me to look up, but I believe thats what I read. Link to comment Share on other sites More sharing options...
IDBillzFan Posted February 22, 2012 Share Posted February 22, 2012 (edited) They're adopting a position of preemptive strike. Yes, they're adopting the Bush Doctrine. So if Iran attacks someone without warning and kills a bunch of innocent people, liberals can stand together and argue that it was Bush's fault. Diabolical. Edited February 22, 2012 by LABillzFan Link to comment Share on other sites More sharing options...
erynthered Posted February 22, 2012 Share Posted February 22, 2012 So if Iran attacks someone without warning and kills a bunch of innocent people, liberals can stand together and argue that it was Bush's fault. Diabolical. I hear they have nice radio's for sale for only $27 bucks!! Link to comment Share on other sites More sharing options...
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