Oil Counter Sanction
Responding to the sanctions imposed by the EU against its oil and banking sectors, Iran today announced that it has cut oil exports to the Netherlands, Spain, Italy, France, Greece and Portugal effective immediately. The EU had given its members, including the six, a grace period until July to stop their import of Iranian oil.
The ambassadors of the six countries were summoned to the Ministry of Foreign Affairs in Tehran late on Wednesday and were told of Iran’s decision [Fars News Agency, 15 February].
Cutting off their nose to spite their face.
Typical act by a stupid backward camel herding noxious theocracy with their self inflicted retarded policies.
Talk about shooting one's self in the foot!
Jabbar, how is Iran shooting itself in the foot when it is replacing its European customers with Asian customers? Seems to me the Europeans are the ones shooting themselves in their foot since they now have to deal with rising gas prices due to their embargo on Iranian oil and no, saudi oil will not completely compensate for Iranian oil in the long run nor they will bring gas prices down.
Bad news for Europe ! Their self-injurous 'embargo' is already backfiring on them, long before it has been starting.
I guess, those over-indebted EC member states of Greece, Portugal, Spain and Italy right now have started to tremble with fear, as oil shortages and oil price hikes could easily be the 'coup de grace' for their anyway faltering economies.
Meanwhile Iran is stepping up its oil sales to China in giant leaps.
Iran in 2012 will increase oil exports to China to 500'000 barrels per day (bpd). Today a corresponding agreement with UNIPEC was finalized, indicating that a decline in Iranian crude exports to China earlier this year was due to a commercial dispute rather than political reasons, Dow Jones Newswires reported.
In comparison the contract in 2011 was only for 220'000 bpd of crude and 60'000 bpd of condensate from Iran's South Pars gas field.
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