Aletho News

ΑΛΗΘΩΣ

Iran oil ban to hit 10 main crude importers hardest

Press TV – March 10, 2012

The Business Insider news website says in an article that if the flow of Iran’s oil exports is disrupted, the main importers of the country’s crude will be hit hardest.

According to the article, main importers of Iran’s crude including China, India, Japan, South Korea, Turkey, Italy, Spain, Greece, South Africa and France will be adversely affected by any disruption in Tehran’s oil exports.

The article says when European Union (EU) sanctions are put into place on July 1, nearly 600,000 barrels of oil per day will come off the market as a result of which the price of Brent Crude would rise to about USD 138 per barrel.

If Iran’s crude exports are halted entirely as a result of an attack against the country, 2.5 million barrels per day of supply will be lost and Brent Crude prices will reach USD 205, the report adds.

Global oil prices have continually climbed this year following Iran’s move to cut oil sales to British and French firms in reaction to the EU’s anti-Iran embargos. Tehran has also announced it may halt oil exports to more European countries.

EU foreign ministers approved sanctions against Iran on January 23, including a ban on Iranian oil imports, a freeze on the assets of the country’s Central Bank within EU states and a ban on selling diamonds, gold, and other precious metals to Tehran.

The move is aimed at putting pressure on Iran to force the country into abandoning its nuclear energy program based on allegations that Tehran is seeking to weaponize its nuclear technology.

Iran has refuted the allegations, arguing that as a signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to develop and acquire nuclear technology for peaceful purposes.

March 10, 2012 - Posted by | Economics, Wars for Israel | , , , , , ,

3 Comments

  1. Count on the drips leading the U.S. to find more ways to waste oil. It may be of abiotic origin, but the deeper you go for it, the more radioactive it is. The queen lizard and her family should give away her lands and turn on the Rothschilds like a rabid wolverine for talking her into all the empire and bling collecting. Britannia gets no sympathy from me. And they STILL are pulling the same old crimes against humanity.
    The only people needing queen lizard are her welfare state. After sending William traipsing around ‘the colonies’ at low altitude in a bright yellow helicopter, it can be said with certainty that William does not. There are 10,000 LAW, SAM and Stinger missiles missing from NATO and American armories and ‘the slaves’ and queen lizard know it.

    Comment by Howard T. Lewis III | March 10, 2012

  2. […] Iran oil ban to hit 10 main crude importers hardest (alethonews.wordpress.com) […]

    Pingback by South Africa may be hit with US sanctions over Iran oil imports « MasterAdrian's Weblog | May 12, 2012

  3. […] Iran oil ban to hit 10 main crude importers hardest (alethonews.wordpress.com) […]

    Pingback by Iran Daily Brief March 9, 2012 – Full Report | OSINT ZONE | July 2, 2014


Sorry, the comment form is closed at this time.