Monday, June 25, 2012

EU Affirms Iran Oil Embargo

EU governments today formally approved an embargo on Iranian oil to start on July 1. They also warned Iran that more pressure could be put in place if it continued to defy demands for limits on its nuclear program. (Reuters)

1 comment:

Anonymous said...

Pretty soon there will be a oil glut and the market might even sell oil at $70 a barrel.
That means that Iran has to sell its oil for $40 a barrel if at all.But the problem for Iran is that they can only barter the oil for second rate Chinese goods(ones that are rejected by quality control) dictated by the Chinese communist leadership which is beginning to own large parts of Iranian market.
At the same time factories are being closed down and workers laid off to accommodate Iran's new masters the Chinese and Russians.