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QUOTE O’ THE DAY
"You either fixed what broke or did without. It was excellent training for the future.”
Prepare to pay $5 per gallon for gas
Kyndel Lee-Bates / Barrington Broadcasting Group, LLC / February 19, 2012
AMARILLO, TEXAS -- With all the uncertainty about the events in Iran, many Americans are preparing to pay more at the pump.
U.S. crude oil is now $140 per barrel, and that could increase national gas prices by 20 cents. ...
M_B_S wrote:And the winner is nuclear power India!
http://www.irna.ir/News/Politic/India_s ... s/30827469
'India's decision to walk out of step with the international community on Iran isn't just a slap in the face for the US – it raises questions about its ability to lead,' said Burns.
After halting oil flow to Britain and France, Iran threatens to stop oil sales to other European Union member states if the EU continues its hostile policies.
Iran’s Deputy Oil Minister Ahmad Qalebani on Monday hinted at the possibility of a halt in oil exports to Spain, the Netherlands, Greece, Germany, Italy and Portugal.
“Undoubtedly if the hostile actions of certain European countries continue, oil exports to these countries will be stopped," said Qalebani, who is also the managing director of the National Iranian Oil Company.
On Sunday, Iran’s Oil Ministry announced that it has cut oil exports to British and French firms.
The move came in retaliation for a decision by the European Union to stop oil imports from Iran as of July 2012 in line with sanctions imposed against the country's oil industry.
On Monday, oil prices hit a nine-month high in Asian trade following Iran’s oil cut announcement, the highest levels since May 5, 2011.
Crude for March delivery is up about two dollars to more than 105 dollars a barrel in electronic trading on the New York Mercantile Exchange. Brent crude has gained about the same amount going above 121 dollars a barrel
EU Says It Can Do Without Iranian Crude Oil Supplies
RTTNews / February 20, 2012
European Commission spokesperson on energy Marlene Holzner said on Monday that if there were no other importers to replace Iran, EU oil stocks would suffice for a long period of time because Iranian supplies accounted for only 5.8 percent of Europe's total crude imports.
Newfie wrote:My take on this is that oil is a pretty fungible asset. As long as the total production remains the same the price will be 'relatively' unaffected.
If Iran does not sell to to Britain and/or France then they must sell somewhere else displacing someone, who WILL sell to Britain and/or France.
The psychological impact may be far greater. But I kinda doubt it will be huge. I think the markets have this eventuality 'priced in.'
(Reuters) - The European Union could cope with an abrupt halt by Iran of its oil exports to the region as buyers of Iranian oil are already adjusting to the EU's forthcoming ban on Iranian shipments, an International Energy Agency official said on Monday.
Oil prices rose on Monday to an eight-month high above $121 a barrel as Iran said it halted exports to British and French companies ahead of a European Union embargo starting on July 1.
We don't think this announcement will have a real impact on the market because France and the UK have already stopped buying crude from Iran," said Didier Houssin, director of energy markets and security of the International Energy Agency.
Iran's announcement came as European oil buyers have already cut purchases from Iran ahead of the sanctions, reducing flows to the continent in March by more than a third - or over 300,000 barrels per day, according to industry sources.
Given that customers are readying themselves for the embargo on Iranian oil and because crude demand typically falls at the end of the northern hemisphere winter, the EU could also cope with a wider stoppage by Iran of its oil sales.
"If such a move were taken by Iran to immediately stop exports, we don't think it would have a very significant impact on the market," Houssin said.
IEA: Oil Market Ready For Iran Loss
Alessandro Torello in Brussels and Sarah Kent in London / WSJ / February 20, 2012
Large producers including Saudi Arabia, have already started to fill the gap, Mr. Houssin said. Current spare capacity available in OPEC, most of it in the Gulf, stands at 2.82 million barrels a day, according to the IEA, making it easy to replace the 2.2 million barrels a day of crude Iran normally exports.
Anvil wrote:Maybe people should start thinking about harnessing the hot air from MSM to power turbines.
Iran's bid for new crude buyers falls short in SE Asia
Francis Kan and Florence Tan / Reuters / February 21, 2012
But Southeast Asian refiners are unwilling or unable to take in Iranian crude, either due to issues related to the sanctions or their plants' inability to process the crude, which has a higher sulphur content.
China's Jan crude oil imports from Iran down 14 pct m/m [month-over-month]
Judy Hua and Chen Aizhu / Reuters / February 21, 2012
China's January crude oil imports from Iran fell 14 percent from December on a daily basis, customs data showed on Tuesday, as top refiner Sinopec Corp slashed imports from Iran in a dispute over payments and prices.
Sinopec is Iran's biggest oil buyer and imports nearly all the crude that the Islamic Republic ships to China.
The state-run refiner cut Iranian oil imports by around 285,000 barrels per day (bpd), just over half its average daily purchases, industry sources told Reuters, as the two haggled over terms against a backdrop of rising international pressure on Tehran.
China imported 490,727 barrels of Iranian crude per day in January, down 82,000 bpd from the 572,761 bpd in December, the customs data showed. Imports fell 5 percent on the year. ...
Mehmanparast told reporters Tuesday that Tehran seeks guarantees of payments, long term contracts and a ban on unilateral cancellation of contracts by buyers. He said all these should be considered if Europe wants continued trade and oil relations.
The terms were conveyed in a meeting with ambassadors of six European countries in Tehran, Mehmanparast said. He did not say when the meting took place.
"Iran's conditions include guarantee of payment of the price on our oil, relatively long-term and midterm contracts from three to five years," he said, adding also that there could be no "unilateral cancellation of the contracts by oil buyers."
He claimed these conditions would facilitate cooperation and would be fair to both Iran and the Europeans.
Iran's Oil Minister Rostam Qassemi took a similar stance, telling the official IRNA news agency Tuesday that "other European countries should decide as soon as possible about long term contracts for buying oil from Iran."
The 27-nation EU accounts for about 18 percent of Iran's oil exports. With a daily production of nearly four million barrels of oil, Iran earns up to 80 percent of its foreign revenue from crude export.
Mehmanparast said the cutoffs to Britain and France were due to the "hostile attitude" toward Iran.
"As we consider ourselves committed to provide Europe with energy, they have to consider themselves committed to paying the price and fulfilling the contracts," said Mehmanparast. "We support a continuation of relations with European countries."
On Tuesday, oil prices remained above $104 but retreated from recent highs after European leaders agreed to lend Greece euro130 billion ($172 billion) to avoid a debt default.
Iran offers extra oil, India not keen
Nidhi Verma / Reuters / February 21, 2012
In 2011/12, crude imports will be lower than the previous fiscal year's 370,000 bpd due to payment problems triggered when India's central bank scrapped a long-standing clearing house mechanism in December 2010 under U.S. pressure.
French petrol prices rise to new record level
RFI / February 21, 2012
On Sunday, Tehran announced [it] was stopping oil sales to France and Britain seen as the countries most strongly behind European sanctions against Iran. The move was largely symbolic as ... Petrol prices in France have risen ... to reach new record levels according to official figures.
Massive protest march to cut pump duty
KEVIN SCHOFIELD / The Sun / February 22, 2012
A HUGE march will descend on Parliament ahead of next month's Budget — to demand a cut in petrol prices.
The backlash — as diesel hits a record 143.05p a litre — emerged as oil prices soared yet again yesterday.
Peter Carroll, of campaign group Fair Fuel UK, stormed last night: "Petrol and diesel is now so expensive it is stopping people driving, hurting businesses and killing the economy. It's time for a major rethink." ...
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