Friday, April 6, 2012

Iran to Cut Shell for Non-Payment

Iran’s Mehr News Agency reported today that Iran may cut crude shipment to Anglo-Dutch giant Shell because the oil company has been unable to pay for oil purchases of more than 8 million barrels. The move comes after Iran stopped oil sales to top Greek refiners this week also for their inability to pay for their crude purchases. The tightening financial sanctions against Iran make it difficult to process payments through global banking system.

1 comment:

Anonymous said...

Wait a minute, something is wrong. I thought that US exempted 10 European countries from the sanction web list on March 20, 2012. That's three weeks ago. Why is Greece or UK-Shell having payment issues. What am I missing here?

The Iranians have grossly misplayed this unilateral sanction fiasco. What a shame.