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 ***Pressure grows on Iran as big buyers shun its oil (GOOD THOUGHT RE: IRAQ IN THIS THREAD)

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PostSubject: ***Pressure grows on Iran as big buyers shun its oil (GOOD THOUGHT RE: IRAQ IN THIS THREAD)    Fri Jan 06, 2012 9:18 am


http://www.gulfinthemedia.com/index.php?m=&id=585752&lang=en
Iran faced the prospect yesterday of cutbacks in its oil sales to China and Japan as new measures to cut off Tehran's crude exports appeared to be driving its economy to the wall.

The developments in Asia follow news on Wednesday that EU leaders had agreed to halt European purchases of Iranian crude.

China, Iran’s biggest trade partner, has already cut its purchases of Iranian oil by more than half this month and will extend the cuts to February, a Beijing-based trader who deals with Iranian oil said.

Japan will consider cutbacks in its Iranian oil purchases to secure a waiver from new US sanctions signed into law on New Year’s Eve by President Barack Obama, a government source said.

Between them, China, the EU and Japan buy about half of Iran’s exports of 2.6mn bpd.
International sanctions that for years had little effect are for the first time having a real impact on day-to-day life in Iran, where the rial currency has tumbled and people have rushed to convert savings into dollars.

Most oil traders still expect Iran will be able to find buyers for its crude, but it will have to offer steeper discounts that will cut the hard currency revenue it needs to import food and other basic supplies for its 74mn people.

Iran has put on a brave face. Foreign Minister Ali Akbar Salehi said yesterday Iran would “weather the storm.”

The economic hardship comes just two months before a parliamentary election, the country’s first since a disputed presidential vote in 2009 led to massive public demonstrations across the country.

Iran’s leaders have responded to the sanctions with military sabre-rattling, including a threat to blockade the Middle East’s oil by shutting the Strait of Hormuz that leads to the Gulf, and even challenging a US aircraft carrier if it sails the strait.

European diplomats said this week they had agreed in principle to impose an EU oil embargo. The bloc - particularly Italy, Spain and Greece - has collectively bought about 500,000 bpd of Iran’s oil, making it Iran’s second biggest customer after China.

EU leaders have yet to agree when the embargo will take effect, but are expected to announce it at a foreign ministers meeting at the end of this month.

China, the largest buyer, which imported about 550,000 bpd of Iran’s oil last year, has cut its purchases by more than half for this month and would now extend that cut to February, according to the Beijing-based trader.

China is seeking deeper discounts for continuing to do business with Iran in spite of Western sanctions.

The new US measures, if implemented fully, would make it impossible for most countries’ refineries to buy Iranian crude, marking a qualitative change in the West’s approach to Tehran, which it accuses of seeking a nuclear weapon.

Iran says its nuclear programme is peaceful. That standoff had led to four rounds of economic sanctions from the UN security council and a range of US and European measures, but none of these directly hurt its ability to sell oil in the past.

So far, the US and EU sanctions have caused a steady rise in oil prices this week.

A Saudi government source said Saudi Arabia - the world’s largest oil exporter and a foe of Iran - is ready to fill any supply gaps.

The new US law allows Obama to offer waivers to prevent havoc in oil markets, but to receive the permits countries are expected to demonstrate that they are reducing ties with Tehran.

Washington has said it is discussing with allies how to apply the law gradually to tighten the screws on Tehran without causing an oil supply shock.

A Japanese government source said Tokyo, which buys about 250,000 bpd from Iran, would discuss with US officials how to deal with the new sanctions law. Among options would be cuts in oil purchases to secure a waiver for its financial institutions.

Turkey, a US ally which buys almost a third of its oil from Iran, has said it will also try to seek a waiver from the Obama administration.

In Iran’s bazaars, prices for basic foodstuffs and other goods have been rising fast in recent months.

Much of that inflation has been caused by President Mahmoud Ahmadinejad’s policy of cutting back on government subsidies for staples that held prices down, a policy that has been praised by the International Monetary Fund.

The government has tried to ease the pain by giving cash payments to families. But the fall in the rial currency has slashed the value of those payments in dollar terms from about $ 45 a month to $ 27.

There are signs that some Iranians may blame the authorities for charting a foreign policy course that brought on sanctions.

“They give us some subsidy cash but it doesn’t compensate for anything,” said Saeed, a 33-year-old Tehran taxi driver, complaining that his imported cigarettes had doubled in price. “When I ask people why things are becoming more expensive, they all say it’s the sanctions.”
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PostSubject: Re: ***Pressure grows on Iran as big buyers shun its oil (GOOD THOUGHT RE: IRAQ IN THIS THREAD)    Fri Jan 06, 2012 9:26 am

This was emailed to me, found on dinar recaps... but goes with this article....
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Quote :
Would like to remain anonymous please.



I've followed your blog for several months for entertainment purposes only.
I want shed some light on this and maybe others can better understand the business side of the world.

Iraq dinar will be worth more money to Iraq, USA, EU, China, Russia, Japan, Saudi and etc once the added sanctions go live on Iran.

Once Iran oil is off limits Iraq will be the go to country which means immediately will be providing millions more barrels of oil for the world with little competition meaning immediate clients and less competitors, bringing prices down securing the USA investment in Iraq oil.

Not to mention the added benefit of stopping Iran from obtaining WMD.

I could go further in depth but thought I could help ease some minds and let you know the RV will happened once those new added sanctions go live.
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PostSubject: Re: ***Pressure grows on Iran as big buyers shun its oil (GOOD THOUGHT RE: IRAQ IN THIS THREAD)    Fri Jan 06, 2012 2:21 pm

:cheers:

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***Pressure grows on Iran as big buyers shun its oil (GOOD THOUGHT RE: IRAQ IN THIS THREAD)
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