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Default 'Iran will stop EU oil exports this week' - 01-27-2012, 03:42 PM

'Iran will stop EU oil exports this week'
Fri Jan 27, 2012 3:23PM GMT
PressTV - 'Iran will stop EU oil exports this week'



Iran could halt its oil exports to Europe as early as next week.
A senior Iranian lawmaker says Majlis (parliament) will discuss a bill in the coming week which seeks to cut off Iran's oil exports to Europe.


Deputy head of the Majlis National Security and Foreign Policy Committee Hossein Ebrahimi said on Friday that Iranian lawmakers would debate a “double-urgency” bill on Sunday which calls for the ban of oil exports to Europe as early as next week.

The move comes after EU foreign ministers reached an agreement in Brussels on Monday to impose sanctions on oil imports from Iran as of July 1. The sanctions involve an immediate ban on all new oil contracts with the Islamic Republic and freezing the assets of the Central Bank of Iran (CBI) within the EU.

The Majlis motion would deny Europe the six-month phase-in period that the bloc has considered to adjust and find alternative sources to Iran's crude.

The recent EU sanctions on Iranian oil are merely a “psychological warfare,” as the 27-member bloc is delaying the implementation of the embargoes under various pretexts, Ebrahimi added.

“Europe is uncertain about enforcing these sanctions and seeks to project [its own woes] and manipulate public opinion,” the lawmaker said.

The EU accounted for 18 percent of Iranian crude oil sales in the first half of 2011, according to the US Energy Information Administration (EIA), making it Iran's second biggest customer after China.

The EU sanctions came after US President Barack Obama signed into law fresh unilateral economic embargoes against the Central Bank of Iran on New Year's Eve in an apparent bid to punish foreign companies and banks that do business with the Iranian financial institution. The bill ultimately takes aim at Iran's oil revenue.

The United States, Israel and some of their allies accuse Tehran of pursuing military objectives in its nuclear program and have used this pretext to push for the imposition of four rounds of UN sanctions and a series of unilateral embargoes against the Islamic Republic.

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 is entitled to use nuclear technology for peaceful use.

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Default 01-27-2012, 05:05 PM

‘We don’t need to sell oil to Europe’

By M K Bhadrakumar – January 27, 2012

The veiled threat by an Iranian politician that he and fellow-parliamentarians might consider a move in the Majlis in Tehran on Sunday to put embargo on oil exports to the European Union member countries even 6 months ahead of the EU’s sanctions come into force, has already set alarm bells ringing in western capitals.
By the way, if there is any reason to doubt Iran’s capacity to create havoc in Europe, you just have to tune into the hundreds of thousands of demonstrators — estimated to number 200000 — taking to the streets in Alicante, Castellon and Valencia in eastern Spain on Thursday to realise the nature of the volcano that is threatening to erupt in many european countries if the prevailing economic crisis deepens. There is nervous laughter as this AP commentary testifies. Tension will mount in countries like Greece, Italy and others to whom Iran is a major supplier, even as the Majlis in Tehran begins debating on Sunday to halt oil exports ahead of the EU’s 6-month phase-in plan of sanctions. The best threat Europeans can think of giving to Iran is that ‘we both are going to get hurt’.
Whereas, they are wrong here, too. The hard fact is that if oil prices spiral upward, Iran can sell its oil at a pinch with discount and still recoup the income needed to balance its budget. President Mahmoud Ahmedinejad said, “It is the West that needs Iran and the Iranian nation will not lose from the sanctions. There was a time when 90 percent of our trade was with the Europeans. It has now dropped to 10 percent. We didn’t call for this. Cut it [EU's trade with Iran] and let’s see who will incur the loss.”
The government-owned China Daily’s apt captioning of the report on Ahmedinejad captures it all — “Iran: ‘We do not need to sell oil to Europe”. To be sure, not only European capitals, but Beijing is also keenly watching. Actually, even without the Iranian warning, oil prices rose in Asia on Thursday on account of the US Federal Reserve decision to keep interest rates low through 2014. ‘Oil at $110′, AFP reported from Singapore.
To calm the nerves in Europe, EU commissioner Guenther Oettinger says it is possible in principle that some European countries may not hesitate to tap into their strategic oil reserves to make up for Iranian oil. Pray, Mr. Oettinger, which European countries do you have in mind? Did they tell you to say so? No, Sir. They aren’t fighting a war. This is a self-inflicted hurt, Mr. Oettinger. Why should your own country Germany salvage Greece for this exceedingly foolish decision on Iran sanctions that the US and France inflicted on the EU, by drawing down on Berlin’s own strategic reserves?Besides, drawing out of strategic reserves can at best be a temporary palliative.
And for how long can it be sustained as a forced measure? The Iran nuclear problem isn’t going to be resolved anytime soon unless there is a sea change in the US’s regional policies, which is almost impossible, given the realities of the US domestic politics and the dysfunctional state of the American political system. Clearly, Oettinger, whose pro-US credentials are well-known, is bluffing.
But this is not the stuff of bluster. The past 24 hours have shown that Iran has driven up prices by $5 to $10 higher despite a weak demand for petroleum products amid the deep recession in Europe. The point is, the oil market has to price in all eventualities and that works to Iran’s advantages, as even a chance remark in Tehran impacts in the current circumstances of heightened tension. Even an odd statement by an Iranian politician will do the job for the moment.
Meanwhile, Tehran’s diplomatic offensive in the neighbouring GCC capitals will pose headaches for the US. Tehran is signalling that stability is of common interest to Iran and to the GCC alike, they should hang together and it is advisable not to upset the apple cart. These home truths will fall on receptive ears in the GCC capitals. There is no enthusiasm for war in the GCC.
Besides, Tehran would know that there are sharply divergent opinions within the House of Saud regarding the situation around Iran, and that the western speculations about Saudi Arabia making up for the Iranian oil remain what they are — based on assumptions regarding the west’s capacity to exploit the infirmities of the Saudi leadership. Yet, no one can precisely foretell what all can happen in the downstream of a chain reaction ensuing from a US-Iran confrontation. Even a most compulsively optimistic western sketch had to end with the frank admission that Saudi Arabia’s own priority would ultimately be to “ring fence” supplies for its domestic use through internal pipelines that bypass the Strait of Hormuz rather than to address the travails of energy security affecting the European economies that are passing through bad times.


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‘We don’t need to sell oil to Europe’ - Indian Punchline
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Default 01-27-2012, 05:05 PM

‘We don’t need to sell oil to Europe’

By M K Bhadrakumar – January 27, 2012

The veiled threat by an Iranian politician that he and fellow-parliamentarians might consider a move in the Majlis in Tehran on Sunday to put embargo on oil exports to the European Union member countries even 6 months ahead of the EU’s sanctions come into force, has already set alarm bells ringing in western capitals.
By the way, if there is any reason to doubt Iran’s capacity to create havoc in Europe, you just have to tune into the hundreds of thousands of demonstrators — estimated to number 200000 — taking to the streets in Alicante, Castellon and Valencia in eastern Spain on Thursday to realise the nature of the volcano that is threatening to erupt in many european countries if the prevailing economic crisis deepens. There is nervous laughter as this AP commentary testifies. Tension will mount in countries like Greece, Italy and others to whom Iran is a major supplier, even as the Majlis in Tehran begins debating on Sunday to halt oil exports ahead of the EU’s 6-month phase-in plan of sanctions. The best threat Europeans can think of giving to Iran is that ‘we both are going to get hurt’.
Whereas, they are wrong here, too. The hard fact is that if oil prices spiral upward, Iran can sell its oil at a pinch with discount and still recoup the income needed to balance its budget. President Mahmoud Ahmedinejad said, “It is the West that needs Iran and the Iranian nation will not lose from the sanctions. There was a time when 90 percent of our trade was with the Europeans. It has now dropped to 10 percent. We didn’t call for this. Cut it [EU's trade with Iran] and let’s see who will incur the loss.”
The government-owned China Daily’s apt captioning of the report on Ahmedinejad captures it all — “Iran: ‘We do not need to sell oil to Europe”. To be sure, not only European capitals, but Beijing is also keenly watching. Actually, even without the Iranian warning, oil prices rose in Asia on Thursday on account of the US Federal Reserve decision to keep interest rates low through 2014. ‘Oil at $110′, AFP reported from Singapore.
To calm the nerves in Europe, EU commissioner Guenther Oettinger says it is possible in principle that some European countries may not hesitate to tap into their strategic oil reserves to make up for Iranian oil. Pray, Mr. Oettinger, which European countries do you have in mind? Did they tell you to say so? No, Sir. They aren’t fighting a war. This is a self-inflicted hurt, Mr. Oettinger. Why should your own country Germany salvage Greece for this exceedingly foolish decision on Iran sanctions that the US and France inflicted on the EU, by drawing down on Berlin’s own strategic reserves?Besides, drawing out of strategic reserves can at best be a temporary palliative.
And for how long can it be sustained as a forced measure? The Iran nuclear problem isn’t going to be resolved anytime soon unless there is a sea change in the US’s regional policies, which is almost impossible, given the realities of the US domestic politics and the dysfunctional state of the American political system. Clearly, Oettinger, whose pro-US credentials are well-known, is bluffing.
But this is not the stuff of bluster. The past 24 hours have shown that Iran has driven up prices by $5 to $10 higher despite a weak demand for petroleum products amid the deep recession in Europe. The point is, the oil market has to price in all eventualities and that works to Iran’s advantages, as even a chance remark in Tehran impacts in the current circumstances of heightened tension. Even an odd statement by an Iranian politician will do the job for the moment.
Meanwhile, Tehran’s diplomatic offensive in the neighbouring GCC capitals will pose headaches for the US. Tehran is signalling that stability is of common interest to Iran and to the GCC alike, they should hang together and it is advisable not to upset the apple cart. These home truths will fall on receptive ears in the GCC capitals. There is no enthusiasm for war in the GCC.
Besides, Tehran would know that there are sharply divergent opinions within the House of Saud regarding the situation around Iran, and that the western speculations about Saudi Arabia making up for the Iranian oil remain what they are — based on assumptions regarding the west’s capacity to exploit the infirmities of the Saudi leadership. Yet, no one can precisely foretell what all can happen in the downstream of a chain reaction ensuing from a US-Iran confrontation. Even a most compulsively optimistic western sketch had to end with the frank admission that Saudi Arabia’s own priority would ultimately be to “ring fence” supplies for its domestic use through internal pipelines that bypass the Strait of Hormuz rather than to address the travails of energy security affecting the European economies that are passing through bad times.


Posted in Uncategorized.




‘We don’t need to sell oil to Europe’ - Indian Punchline
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Default 01-27-2012, 05:06 PM

Iran: 'We do not need to sell oil to Europe'

Updated: 2012-01-27 09:57

(Xinhua)


Iran: 'We do not need to sell oil to Europe'|Middle East|chinadaily.com.cn













TEHRAN - Iranian President Mahmoud Ahmadinejad said Thursday Iran does not need to sell its oil to European countries, the semi-official Mehr news agency reported.
The European Union (EU) on Monday imposed further sanctions against Iran's oil exports as well as its central bank, a move aimed to ramp up pressure over the country's disputed nuclear program.
Sanctions cannot stop Iran's progress, Ahmadinejad made the remarks when addressing a group of people in the southeastern city of Kerman, adding that "We do not need to sell oil to Europe."
Iranian lawmaker Nasser Soudani said Wednesday that in a preemptive move, Iranian parliament is mulling over a plan to cut oil exports to EU member states.
"Majlis (parliament) representatives are seeking to approve a plan, according to which all European countries that have imposed sanctions against Iran will not be able to buy even one drop of oil from Iran," said Soudani, a member of Iran's Majlis Energy Commission.
On Thursday, Ahmadinejad also dismissed Western governments' sanctions on Iran's central bank as "efforts in vain," the official IRNA news agency reported.
He said that sanctions on the central bank of Iran will not work and is in fact a useless initiative, according to IRNA report.
Undermining the effect of EU sanctions on Iran, he said that Iran's total foreign trade is $200 billion, and only 24 billion dollars of which is with Europe.
"In the past, about 90 percent of Iran's trade was with Europeans; but nowadays it is about 10 percent," he was quoted as saying.
The EU currently purchases nearly 20 percent of Iranian crude exports, with countries such as Greece and Italy most reliant on Iran's oil.
Persian Gulf nations such as Saudi Arabia have offered to step up its own production to compensate for any shortfall caused by the ban on Iranian oil.
Iranian officials have threatened to close the strategic Strait of Hormuz if their oil exports are sanctioned. The Islamic republic heavily relies on crude exports and its by-products for annual revenue.
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Default 01-27-2012, 05:07 PM

Quote:
The recent EU sanctions on Iranian oil are merely a “psychological warfare,” as the 27-member bloc is delaying the implementation of the embargoes under various pretexts, Ebrahimi added.
That 20% of Iran's oil exports and the Asians will pay around a fifth for that oil that the EU does. Yet this clown thinks that this constitutes “psychological warfare”! lol
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