'Oil plot': US embargo on Iran targets Europe? - News and Current Events | futures.io
futures.io futures trading

Go Back   futures.io

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

'Oil plot': US embargo on Iran targets Europe?
Started:January 18th, 2012 (10:56 AM) by kbit Views / Replies:543 / 0
Last Reply:January 18th, 2012 (10:56 AM) Attachments:0

Welcome to futures.io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

'Oil plot': US embargo on Iran targets Europe?

Old January 18th, 2012, 10:56 AM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

'Oil plot': US embargo on Iran targets Europe?

Tehran believes that Washington is trying to deal a blow to debt-ridden Europe by forcing it to join its embargo on Iranian oil imports. Doing so would be “suicidal” for Europe, Iran says.

On Tuesday, Iran’s Foreign Ministry spokesman Ramin Mehmanparast said the US wanted to drag Europe into joining the sanctions imposed in December because it would make the EU less competitive, reports the Iranian TV channel, Press TV.

The diplomat called on Europeans not to act as America’s client and instead to pursue their own interests in the conflict.

Meanwhile, Iran’s OPEC governor, Mohammad Ali Khatibi, said it would be “economic suicide” for Europe to join the sanctions amid the crisis.

“Regarding the economic crisis in the eurozone, imposing any sanction on Iran's oil will push European countries into a deeper crisis,” Khatibi said as quoted by Mehr news agency. “The European currency is already under pressure because of debt and financing problems facing some of its members.”
Double-edged embargo

Europe is a major importer of Iranian oil, the others being China, Japan, South Korea and India. Southern European countries like Italy, Spain and Greece buy some 13 per cent of all crude they consume from Iran.

The EU’s current plan is to join the oil embargo in a matter of months. The exact date is to be decided at a meeting in Brussels on January 23. The sanctions are expected sometime in early July, according to Financial Times sources.
The grace period is needed to find a replacement fuel source, which may be America’s close ally, Saudi Arabia, which has said it can boost domestic production to compensate for the shortage.

China, which is the largest buyer of Iranian oil, said last week it would not uphold any sanctions against the Islamic Republic unless they are imposed by the UN Security Council. India came up with a similar statement on Wednesday.

South Korea and Japan both voiced their readiness to boycott Iran’s crude, but did not indicate when such a measure might come into force. Japan is particularly vulnerable to energy shortages after the devastating earthquake and tsunami which hit it last year, destroying the Fukushima power plant.

Iran came up with a number of bald statements after Barack Obama implemented the oil embargo in December. Chief among them is its threat to blockade the Strait of Hormuz, a key sea route for Gulf oil tankers, in response to the pressure.

The sanctions are meant to force Tehran into making its nuclear program transparent to foreign inspectors. Iran insists that the program is purely civilian, but many Western nations say it is ultimately pursuing nuclear weapon capabilities. No hard proof of such intentions has ever been produced.

Iran on Wednesday confirmed that it is ready to restart talks on the issue and is waiting for the group of six nuclear mediators to set a date for a meeting.

'Oil plot': US embargo on Iran targets Europe? — RT

Reply With Quote


futures.io > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > 'Oil plot': US embargo on Iran targets Europe?

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

Corey Rosenbloom: Tips, Tactics, and Real Trades: Trading Intraday Trend Reversals

Elite only

An Afternoon with FIO trader bobwest

Elite only

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
Iran warns Gulf Arabs on oil kbit News and Current Events 0 January 15th, 2012 04:25 PM
EU to meet sooner on Iran embargo, still split on details kbit News and Current Events 0 January 10th, 2012 01:45 PM
Attack on Iran could risk Gulf oil supplies kbit News and Current Events 0 November 15th, 2011 03:59 PM
China and Iran plan oil barter kbit News and Current Events 0 July 25th, 2011 11:58 AM
Iran president takes over oil ministry temporarily kbit News and Current Events 0 May 16th, 2011 11:40 AM

All times are GMT -4. The time now is 09:09 AM.

Copyright © 2016 by futures.io. All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-21 in 0.06 seconds with 19 queries on phoenix via your IP