Monday, February 20, 2012

Oil Jumps to 9-Month High after Iran Cuts Supply

Oil prices jumped to a nine-month high on Monday after Iran said it halted oil exports to Britain and France. Brent crude for April delivery reached $121.10 per barrel.

Iran's oil ministry said Sunday it stopped oil sales to British and French companies in a pre-emptive move against EU’s embargo of Iran oil set to begin in July and the related sanctions against the Central Bank of Iran.


Anonymous said...

Simple fact is that there is no excess capacity and Saudi pimps are doling out billions to keep their bedouins from smelling the "Arab Spring" rather than gas fumes from Ras-tanura. They are also funding the salafi thugs and their beheading "democracy" campaigns in the region. Syria seems to the salafi beheading central these days and the Saudi/Khaleeji illustrious model of "Islamic democracy" all approved in Washington DC is on open display. Even alCIAda is cooperating with the Pentagon as expected.

Oil will keep rising if the pip-squak Zionist mutts are not muzzled. US brainwashed rednecks waving made in China Stars and Stripes from Walmart Ayerab baiters will be paying a lot more for gas and to watch FOX/CNN at the trailer park.

With Asian rising demand, there is simply no excess capacity. Almost 3.6 million barrels of of high-grade low sulphur Iranian crude has no substitute.

Anonymous said...

Now the ball is in Al-Saud's court to step up to the plate..They have to fullfil their promise of increasing their oil output.

Vibes coming from Arabia indicates they're pretty much maxed out and all their promises seemed like a hollow bluff.Not forgetting the FACT that EU refineries will have to reconfigure their machines to take on Al-Saud's goo..Oh what a tangled web we weave when first we practice to deceive???

One has to question why the West thinks it's good idea to put all their energy security needs in Al-Saud's basket?? And also why Al-Saud wouldn't like to benefit from the windfall of high oil prices by selling their loot on the cheap..Logic, anyone??? If anything, they need high oil prices in order to bribe/buy off their people not to revolt as it's already happening in Qatif.

Europe, as always, will be the cradle of feudal stupidity.