Iran may cut off oil export to EU next week

[IranZamin]

Iran could ban EU oil exports next week: lawmaker | Reuters

"On Sunday, parliament will have to approve a 'double emergency' bill calling for a halt in the export of Iranian oil to Europe starting next week," Hossein Ibrahimi, vice-chairman of parliament's national security and foreign policy committee, was quoted as saying.

 

[Arian]

good. let them taste how it tastes to bring economic difficulties to another country. I hope this bill gets approved sooner.

 

[IranZamin]

good. let them taste how it tastes to bring economic difficulties to another country. I hope this bill gets approved sooner.

This is a wonderful news. Why they wanted to wait 6 months ? its better to cut off now so they feel the pain

 

[Arian]

Yea, and our next move will be to publicly announce that we will sell oil with a 50% discount in exchange of gold. But that shouldn't be done now. Let's see what happens in the year to come. I'm sure they are bluffing that cutting Iran's oil completely won't hit the global oil market, but even if they are right and other producers succeeded in compensating for Iran's absence, if we sell oil in half price, many countries would be stimulated to buy oil from Iran and that would bring down oil prices globally as well. Hence it will hit back those oil producers who wanted to compensate Iran's oil absence.
We have many levers to use effectively. We are the world's 4th largest oil producer and the OPEC's second exporter.

 

[Andross]

Good for Iran we will still buy Iranian oil no matter what

 

[SOHEIL]

sanctioned europe !

 

[Takaavar]

Nice action, good to see face of Sarkozy after that : ))

 

[VCheng]

So in effect, Iran did to itself now, what sanctions were supposed to 6 months later?

 

[SOHEIL]

Nice action, good to see face of Sarkozy after that : ))

 

[IranZamin]

So in effect, Iran did to itself now, what sanctions were supposed to 6 months later?

Europe cant survive without Iranian oil for now, so they put 6 months time for themself to find alternative. Now we dont give them any time to find alternatives. They will get banned using Iranian oil right away

 

[SOHEIL]

So in effect, Iran did to itself now, what sanctions were supposed to 6 months later?

thanks god for this idiot enemies

 

[Arian]

So in effect, Iran did to itself now, what sanctions were supposed to 6 months later?

I'm sure Italians, Spanish and Greek people understand the importance of this decision.
If you think that a 4% cut in our GDP is going to cripple our economy you're living in a delusional world and you've been brainwashed by the US media, but surely cutting off the world's 4th largest oil producer productions will have an impact on the global economy. But even the impact does not matter now, I'm sure China will love to buy more oil from Iran, we'll give them good discount in exchange of gold and we'll just sit here and wait to see a 15% GDP growth for China while European and North Americans countries are either having negative growth or less than 1.5% GDP growth.

 

[SOHEIL]

Europe cant survive without Iranian oil for now, so they put 6 months time for themself to find alternative. Now we dont give them any time to find alternatives. They will get banned using Iranian oil right away

don't answer him ...

 

[VCheng]

thanks god for this idiot enemies

Yes, but you failed to explain why my comment required thanks to a deity?

I'm sure Italians, Spanish and Greek people understand the importance of this decision.
If you think that a 4% cut in our GDP is going to cripple our economy you're living in a delusional world and you've been brainwashed by the US media, but surely cutting off the world's 4th largest oil producer productions will have an impact on the global economy. But even the impact does not matter now, I'm sure China will love to buy more oil from Iran, we'll give them good discount in exchange of gold and we'll just sit here and wait to see a 15% GDP growth for China while European and North Americans countries are either having negative growth or less than 1.5% GDP growth.

Given the recent changes in interests rates to shore up the Iranian currency, depriving itself of 6 months' worth of EU foreign exchange cannot be good, unless, of course, as you point out, that other markets will buy this oil. As long as Iran is able to sell its oil, it does not matter to whom, its economy will carry on. However, if those markets fail to materialize, then this step just moved the economic damage closer to home.

---------- Post added at 10:10 AM ---------- Previous post was at 10:09 AM ----------

Europe cant survive without Iranian oil for now, so they put 6 months time for themself to find alternative. Now we dont give them any time to find alternatives. They will get banned using Iranian oil right away

There are provisions in the sanctions to seeks waivers. However, EU may be able to count on other sources to replace Iranian oil, from Saudi Arabia and Libya, for example.

---------- Post added at 10:11 AM ---------- Previous post was at 10:10 AM ----------

don't answer him ...

What a wonderfully grown up response! (NOT!)

 

[Arian]

Given the recent changes in interests rates to shore up the Iranian currency, depriving itself of 6 months' worth of EU foreign exchange cannot be good, unless, of course, as you point out, that other markets will buy this oil. As long as Iran is able to sell its oil, it does not matter to whom, its economy will carry on. However, if those markets fail to materialize, then this step just moved the economic damage closer to home.

Actually the idea of imposing sanctions on Iran's oil export was first seriously discussed in the US congress around 2008 or 2009 if I'm not mistaken. Since that time to now, Iran has taken some measures to reduce the effect of the bill if it ever comes fully into effect. Iran's foreign exchange reserves now is over $100 Billion US dollars and the next plan for the USA and the EU is to impose tough sanctions on the CBI (Central Bank of Iran), so it's wise that Iran sells its oil to China and India in exchange of gold even if it has to sell it in half of the actual price and at the same time it tries to hit back at the EU.
What you're failing to understand is that this move is not meant to help Iran's economy, but it's supposed to hurt the European economy. It's a tit for tat move. It surely won't help Iran's economy, but it'll have an impact on the economies of particular countries like Greece, Spain and Italy that are already in deep trouble and are still importing a fairly large percent of their oil imports from Iran.