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Iran cuts off oil supplies to Britain, France
Published: 19 February, 2012, 17:02
Iranian President Mahmoud Ahmadinejad (C) tours the Abadan oil refinery during the inauguration of a petrol making unit in the southwestern city of Abadan on May 24, 2011 (AFP Photo / ISNA / Amir Pourmand)
TAGS: Oil, UK, Politics, Europe, Iran
The move was confirmed by the country’s Oil Ministry, with the spokesman saying that Iran will be “selling its oil to new customers”.
The decision is not expected to have a big impact, as France only bought three percent of its oil − 58,000 barrels a day − from the Islamic republic last year, and Britain buys less than 1 per cent.
But it was seen as a warning shot to other EU nations that are bigger consumers of Iranian oil, including Italy, Spain and Greece. The latter would be the most affected, should Iran go ahead with the cuts, as crisis-hit Greece gets more that 30 percent of its oil needs from the Islamic Republic.
As a whole, the bloc currently buys about 18% of Iran's oil exports. Iran is the world’s 4th largest oil supplier, with China, India and Japan its largest buyers.
Earlier this month, Iran's Oil Minister threatened to cut the Republic’s oil exports to "some" European countries. "We have our own customers … The replacements for these companies have been considered by Iran," Nikzad said.
News of Iran cutting supplies to 6 EU member states caused a lot of concern in Europe – and in world’s markets, with the price of Brent oil jumping above $120 a barrel.
The move to cut supplies to France and Britain appears to be a response to the European Union decision to ban Iranian oil imports. The ban was introduced as a part of ongoing economic sanctions designed to force the Islamic Republic to give up its controversial nuclear program.
The measures have hit Iran’s economy hard, but Tehran has remained defiant and simply responded by ramping up its nuclear activities.
Last week, Iran said it had installed another 3,000 centrifuges to increase its uranium enrichment capabilities.
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sierranevada25 wrote in#12
Gasoline in Ohio is $5.88/gal
Is that even true? I find it hard to believe. Gas has NEVER reached that price in the US, even in the highest of times. What is your source for this spurious claim? If I'm wrong, I will happily apologize to you.
I only take exception to your claim becuase it does no good to post false things on here expecting people to believe it.
1 - Iranian Oil ministry declared two days back that despite the EU's hostile policies (imposed on them by the puppets of the U.S!) they are not going to cut oil immediately to Europe, due to the sever cold snap in some of those countires. However, Iran's ministry of foreign affairs has summoned the embassadors of 6 EU countires that all together are accounted for import of 18 per cent of countries crude exports, and has told them despite the countries century-long refusal of 'using energy market as a political tool' it has no choice but to replace those countries with new buyers (e.g. 3 high-level Chinese officials were in Iran last week negotiating the future of enrgy deals with the country), UNLESS these countries enter into long-term un-cancellable contracts with Iran (3-5 year contracts) within a month from the date they were summoned.................................. 2 - Those uninformed individuals who believe that the withdrawal of Iranian crude from those countires' market can be easily substituted by Saudi's extra production are speaking from their uninformed minds. This replacement would not be easy/feasible for two reasons: FIRST, although the Saudis have always declared their extra production capacity, it is widely known in the professional circles that due to aged oil reservoires of Saudi, increase of pressure for more output is quite risky and would possibly be detrimental to their main oil traps. Secondly, not every crude is the same! In fact Saudi and Iranian Crude are so different in their specs that make them 2 copletely different substances. Therefore, the refineries designed to process Iranian crude MUST undergo a lengthy and expensive re-design and re-construction to make them able to process the Saudi crude. So, From my point of view Iran's stance here has been quite 'friendly' and 'humanitarian' with regards to those troubled European economies that are most dependent on Iranian Crude (i.e. Greece, Italy, Portugal, Spain are major EU importers of Iranian crude!). I think Iran will win these countries markets back quite easily and very soon.
Ohio is about $3.51, same as here, Im not far from there. and it has been higher.
I wish I knew what to believe and not to believe as well.