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Syria-Lebanon-Iran
Iran stops oil sales to British, French
2012-02-19
TEHRAN - Iran has stopped selling crude to British and French companies, the oil ministry said on Sunday, in a retaliatory measure against fresh EU sanctions on the Islamic state's lifeblood, oil.

"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying by the ministry of petroleum website.
Sounds like an opening for middlemen...
The European Union in January decided to stop importing crude from Iran from July 1 over its undisputed nuclear program, which the West says is aimed at building bombs. Iran's oil minister said on February 4 that the Islamic state would cut its oil exports to "some" European countries.

The European Commission said last week that the bloc would not be short of oil if Iran stopped crude exports, as they have enough in stock to meet their needs for around 120 days.
Thank goodness they deposed Daffy. Imagine what he'd do with Libyan oil if he were still around for this...
Industry sources told Reuters on February 16 that Iran's top oil buyers in Europe were making substantial cuts in supply months in advance of European Union sanctions, reducing flows to the continent in March by more than a third - or over 300,000 barrels daily.

France's Total has already stopped buying Iran's crude, which is subject to fresh EU embargoes. Market sources said Royal Dutch Shell has scaled back sharply.

Among European nations, debt-ridden Greece is most exposed to Iranian oil disruption. Motor Oil Hellas of Greece was thought to have cut out Iranian crude altogether and compatriot Hellenic Petroleum along with Spain's Cepsa and Repsol were curbing imports from Iran.

Iran was supplying more than 700,000 barrels per day (bpd) to the EU plus Turkey in 2011, industry sources said. By the start of this year imports had sunk to about 650,000 bpd as some customers cut back in anticipation of an EU ban.

Saudi Arabia says it is prepared to supply extra oil either by topping up existing term contracts or by making rare spot market sales. Iran has criticized Riyadh for the offer.

Iran said the cut will have no impact on its crude sales, warning that any sanctions on its oil will raise international crude prices.
Posted by:Steve White

#4  See also TOPIX > ANALYSTS: BRITAIN FACES FUEL CHAOS WID IRAN CUTOFF.

Ditto the Euros.

[POST-YOM KIPPUR WAR 1973 SAUDI OIL EMBARGO here].
Posted by: JosephMendiola   2012-02-19 22:53  

#3  "we will sell our oil to new customers"

And the British and French can buy their oil from where Iran's "new" customers were previously buying it. The problem is that oil is pretty much oil with a few exceptions. So when Iran decides to sell to someone else, that frees up the oil that "someone else" was buying to be bought by others. It doesn't change the amount of oil in the market.
Posted by: crosspatch   2012-02-19 14:49  

#2  Ummm, isn't there this EU thingy that both UK & French are in? Seems that the trading block should just be the middle man, no muss, no fuss.
Posted by: AlanC   2012-02-19 12:47  

#1  Saudi Arabia says it is prepared to supply extra oil
It'll be interesting to see if the Soddies step up to the plate and do the right thing or just do their usual posturing like a Thai prostitute making out with an Iranian assassin.
Posted by: tipper   2012-02-19 12:19  

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