Iran set to ban exports of oil to EU countries.

[pinemartin]

Iran exports 25% of its oil to Europe or 600,000 barrels a day. Europe dose not import 25% of its oil from Iran.

But you are correct that its a dumb move by the EU. Spain, Italy and Greece import a larger percentage of Iranian oil than the EU average and a ban on exports by Iran will only exasperate the financial difficulties in said countries.

What the EU and US have imposed on Iran is an act of war. Its the same as blocking their ports with warships. Iran is within its right to fight back with economic warfare.

OK , thanks corrected that.

[Edo]

Every headline like this drives the price of oil up.This sort of act by Europe and Iran will impact on oil prices. If you think this will have no impact on oil prices in Ireland then I believe you are being facetious.

ah - thats different Pinemartin - price wont be greatly impacted by the handbags over official imports/exports between Iran and the EU - the EU countries can easily switch to other suppliers - the price of oil is affected by many factors - refining capacity is having far more effect on price now than all the Arab spring shenagians did last year.

You bet the markets will try and make a killing over this - but I dont think it will be sustained - demand is slightly dropping as China,India and Far eastern economies slow down , along with anemic growth in the Western economies - I dont see the Iran /EU economic tiff really affecting things that much in the grand scheme of things.........

[Ex celt]

Open your eyes.We are talking about Iran not Switzerland.Sanctions are better than war.

[pinemartin]

ah - thats different Pinemartin - price wont be greatly impacted by the handbags over official imports/exports between Iran and the EU - the EU countries can easily switch to other suppliers - the price of oil is affected by many factors - refining capacity is having far more effect on price now than all the Arab spring shenagians did last year.

You bet the markets will try and make a killing over this - but I dont think it will be sustained - demand is slightly dropping as China,India and Far eastern economies slow down , along with anemic growth in the Western economies - I dont see the Iran /EU economic tiff really affecting things that much in the grand scheme of things.........

we will see, I suppose. i believe that prices will rise as a result of this and that if things get worse in that region then they will continue to rise.

[Insole]

Every headline like this drives the price of oil up.This sort of act by Europe and Iran will impact on oil prices. If you think this will have no impact on oil prices in Ireland then I believe you are being facetious.

If anything it could drive down the price of oil. China & India will continue to buy Iranian oil, but in their own currencies. They will be in a strong position to drive a hard bargain on price. Great for their economies.

[mr_anderson]

Open your eyes.We are talking about Iran not Switzerland.Sanctions are better than war.

Sanctions are war !

[Ex celt]

Sanctions are war !

On planet Zog perhaps? I am talking about earthling sanctions.There is a difference Moonman.

[Fugmckeown]

ah - thats different Pinemartin - price wont be greatly impacted by the handbags over official imports/exports between Iran and the EU - the EU countries can easily switch to other suppliers - the price of oil is affected by many factors - refining capacity is having far more effect on price now than all the Arab spring shenagians did last year.

You bet the markets will try and make a killing over this - but I dont think it will be sustained - demand is slightly dropping as China,India and Far eastern economies slow down , along with anemic growth in the Western economies - I dont see the Iran /EU economic tiff really affecting things that much in the grand scheme of things.........

Pinemartin is correct. If Iran imposes it ban on exports by next week the PIGS in Europe will not be able to find alternative supplies on very short notice. It will push the price of oil up at the petrol stations to maybe 2 Euro a liter and have a major impact on Transport and haulage companies. It will be majorly detrimental to the PIGS economies.

[Ex celt]

Pinemartin is correct. If Iran imposes it ban on exports by next week the PIGS in Europe will not be able to find alternative supplies on very short notice. It will push the price of oil up at the petrol stations to maybe 2 Euro a liter and have a major impact on Transport and haulage companies. It will be majorly detrimental to the PIGS economies.

Most of their populations are unemployed or protesting.Also their weather is good so they won't need home heating oil.A small price to pay.

[fecker]

This comes after the EU banned imports, so it makes no difference except Iran loses out quicker.

Not necessarily. Despite Iran's huge costly investment in it's nuclear program, even assuming they want a peaceful use for it, when will they turn a profit? Their exchequer is taking a hit before closing sale of crude to the EU. They can't refine enough for their own use so, they might have a very good deal from the Chinese in the bag. China can refine (yes?) and Iran can export what they used to supply to Southern European countries and they have Chinese support. Who wants to piss off China?