With the European Union’s oil embargo against Iran set to begin at the start of July, Iran’s Oil Ministry has announced today that it isn’t going to wait, and is immediately halting all sales to France and Britain, two of the advocates of the sanctions.
When the EU announced the move, they agreed to let nations keep buying oil from Iran through the end of June while they found new supplies. Iran, however, is reportedly keen to find long-term contracts to replace those soon to be cut sales, and will be selling the oil to new customers instead.
The embargo has already forced higher oil prices in Europe, with Brent North Sea Crude trading at over $120 a barrel nearly $20 over the price in the United States. Iran has increasingly been selling to China and India.
Neither Britain nor France buys a significant amount of Iranian oil. The loss of Iran will mean more for Mediterranean nations like Greece and Spain, and will force them to rely on oil from Libya, provided that the NATO-imposed Libyan regime doesn’t collapse in the face of rival militias.
7 thoughts on “Early EU Embargo: Iran Refuses to Sell Oil to Britain, France”
I wish I could say the same about Saudis and UAE, then we the people truly would have something in our hand to look at and sincerely think about. Iran is not the enemy of the world, nor its involved in any wars with its neighbors, nor attacking any country nor occupying it, in the other hand US and EU militarism regimes are the one that are doing all the above so is their used and abused child Israel, so it is time for the US and EU to weak up and smell the bad smell of their foreign policies, come to their senses and correct the situation by boycotting Israel.
God Bless Amadinijad
There can be no secular solution to a criminal government,
until after there is a moral solution to an immoral society
The West created Israel in 1948, the purpose being to create stability for long term investments in the Middle-East by destroying any hope for peace and security. The goal being for Israel to be a terrorist state best able to enhance the trading of Western war materials for Middle-East oil, the success of which has produced the best money maker the West has ever known.
Alas, the end of which could only be achieved by the Middle-East becoming less greedy then the American voting majority, the USA 51% most wealthy and greedy, that’s what I always say.
At some point, Euroweasels will pull up a wooden Trojan Rabbit, I'm sure.
Iran and China arrived at a new contract for oil, with exports to rise to 500Kbpd, more than double the current level, http://bbs.chinadaily.com.cn/forum.php?mod=viewth…
It should be noted that for quite sometime the spread between Brent and WTI has been about $20, WTI being the anomally. Meanwhile, Saudi is to commence redrilling one of its oldest and most heavy/sour oil field, Dammam, in order to gain about 100Kbpd more production, thus providing more evidence that Saudi will be incapable of making up for the loss of Iranian oil for the European market, http://www.bloomberg.com/news/2012-02-16/saudi-ar…
What took them so long? This is the first thing they should have done: shut the oil IV to the West. Watch 'em all squirm now. Won't be long before they're all unanimously declaring that Iran is not a threat and blah blah blah.
OR, this could be used as the pretext to execute military action against Iran.
It can go either way.
Comments are closed.