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U.K.’s Hague Says Halt in Iran Oil Sales Will Have ‘No Impact’

Bloomberg -- Iran’s decision to halt sales of crude oil to French and British buyers to pre-empt a European Union ban on imports will have “no impact on Britain’s energy security or supplies,” said U.K. Foreign Secretary William Hague.
Iran “will give its crude oil to new customers instead of French and U.K. companies,” the Shana oil ministry news website reported, citing Alireza Nikzad Rahbar, a ministry spokesman. The announcement came as OPEC’s second-biggest producer negotiates contracts to supply China.
The action may “prompt further price gains for crude,” John Caiazzo, president of Acuvest Commodity Brokers Inc. in Temecula, California, wrote in a note to clients today.
France got 4 percent of its oil imports from Iran in the first half of 2011 and the U.K. 1 percent, ...

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Submitted Feb 21, 2012 By: BurntOrange

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ExplorerWA Champion Author Washington Posts:4,083 Points:798,125 Joined:Feb 2011	Message Posted: Feb 21, 2012 10:57:48 PM Ignore ExplorerWA Report Abuse They will have no trouble finding new buyers.
glorioussnookie Champion Author Tennessee Posts:3,761 Points:699,370 Joined:Feb 2010	Message Posted: Feb 21, 2012 2:46:50 PM Ignore glorioussnookie Report Abuse Definitely click on SkyWarnTX links! They are real valid eye openers!!!
sjf238 Champion Author Philadelphia Posts:1,215 Points:647,955 Joined:Mar 2011	Message Posted: Feb 21, 2012 1:26:13 PM Ignore sjf238 Report Abuse Good.
Gas_Eyes Champion Author Dallas Posts:2,682 Points:645,835 Joined:Mar 2011	Message Posted: Feb 21, 2012 12:26:20 PM Ignore Gas_Eyes Report Abuse Iran's crude high sulphur content can not be given away easily because refineries have to be reconfigured to refine that crude. Even China and India do not have the refining capacities to refine all the Iranian crude that has been sanctioned Iran only has specific type of crude that they can sell to a limited number of refineries. Buyers of crude have more option because alternate source of crude is easier to find. The sanction is a major disruption to Iran but a smaller one for the oil consuming world. The world needs to stick to this sanction. It is close to working. Iran has no choice but to comply with the nuclear non-proliferation treaty that it signed. The sanctions need to stay in place until Iran opens up ALL their nuclear facilities with no conditions. They can not be allowed to play the games that North Korea played.
SkyWarnTX All-Star Author Texas Posts:947 Points:57,185 Joined:Jan 2012	Message Posted: Feb 21, 2012 11:01:49 AM Ignore SkyWarnTX Report Abuse --- ?? Think BIG BANKS & SPECULATORS are causing the RISE in OIL Prices ?? YOU ARE CORRECT, BUT DO YOU KNOW HOW BIG BANKS & SPECULATORS CAME TO BE BIG OIL ENERGY TYCOONS… ? VIEW THIS ... AND YOU TOO WILL KNOW, THE REST OF THE STORY... CLICK HERE to WATCH the VIDEO explaining how WE GOT TO THIS POINT in GAS PRICES & HOME HEATING BILLS ---
imcheep Champion Author New Mexico Posts:2,497 Points:650,805 Joined:Apr 2005	Message Posted: Feb 21, 2012 11:01:04 AM Ignore imcheep Report Abuse India and China will simply replace the UK as a customer.
Cothrom Champion Author South Carolina Posts:1,761 Points:726,555 Joined:Sep 2005	Message Posted: Feb 21, 2012 10:25:27 AM Ignore Cothrom Report Abuse Just the talk of impact is enough, prices slowly (and sometimes quickly) go up. A year this will be
peakkeller Champion Author Colorado Springs Posts:1,696 Points:778,325 Joined:Dec 2009	Message Posted: Feb 21, 2012 10:21:12 AM Ignore peakkeller Report Abuse China will simply replace the UK as a customer.
crestliner95 Veteran Author Illinois Posts:293 Points:112,855 Joined:May 2011	Message Posted: Feb 21, 2012 10:10:25 AM Ignore crestliner95 Report Abuse No impact? Tell that to the speculators.
el_fr Champion Author Massachusetts Posts:3,342 Points:745,675 Joined:Apr 2011	Message Posted: Feb 21, 2012 9:44:36 AM Ignore el_fr Report Abuse If only it was true.
orphancarguyPE Champion Author PEI Posts:3,853 Points:735,965 Joined:Jan 2011	Message Posted: Feb 21, 2012 9:35:39 AM Ignore orphancarguyPE Report Abuse Well, of course not to the UK, which hasn't imported any Iranian oil in the last six month, and apparently only 1% of its supply in the first six months of 2011. It will be a 'moth bite' to France as well. And the rest of Europe will have a bit of leeway to make other arrangements. China will purchase all the Iranian oil that is going...and perhaps? not purchase quite as much from some current sources? so that it will flow to Europe instead of China? There--"Realpolitik" at work. Everyone gets to stand up on their hind legs make a public stand and yap yap yap to their home audience, telling them what they want to hear, and make 'statements of principles'. I can hear the self-inflicted back-patting going on from here. Really, if ANYONE wants to understand how everything actually works, (unless you have actually nutjobs in charge of things, who have no shame) all you have to do is rent or buy the two viciously funny British series "Yes, Minister" and "Yes, Prime Minister". In real life, politicians are rarely as funny but change the accents and the situations, and they are all as true today in Beijing, and Washington, and London, and Paris, and Tehran as the series were.
kress999 Sophomore Author Alabama Posts:218 Points:367,525 Joined:May 2011	Message Posted: Feb 21, 2012 9:32:53 AM Ignore kress999 Report Abuse Hard to see why oil and gas is going up if it is having no impact
johntxx Champion Author Texas Posts:2,784 Points:617,070 Joined:Aug 2011	Message Posted: Feb 21, 2012 9:24:29 AM Ignore johntxx Report Abuse "No Impact", would someone please share this with the speculators.
doeslayersr Champion Author Illinois Posts:9,121 Points:872,980 Joined:Dec 2010	Message Posted: Feb 21, 2012 9:22:46 AM Ignore doeslayersr Report Abuse Iran was not supplying them much if any in the way of oil to begin with.
Nicoalbum Champion Author Ottawa Posts:6,023 Points:1,189,915 Joined:Jan 2010	Message Posted: Feb 21, 2012 9:20:59 AM Ignore Nicoalbum Report Abuse Yes, there is a very little impact.
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