Europe takes bold step toward a ban on Iranian oil

[Ray]

This is winter time out in Europe.

A very difficult decision taken!

 

[Virendra]

Iran will take a hit. But EU consumers will suffer as well.

Now it matters what move Russia/China will make commercially as well as politically.

Russians have arm twisted EU consumers previously as well. It was a gas dispute I guess, going a year or two back. They had closed their supplies for many days.
Then recently the multi-tragedies that struck Japan have also helped Russians via reduced competition .. and now Iran. Lucky times for Russia.

Regards,
Virendra

 

[asianobserve]

Some Asian countries are also cutting down oil purchases from Iran.

 

[Godless-Kafir]

Looks like NATO is gearing up for a war in this decade.

 

[Tshering22]

Granting the West wants to talk, which they declared many times, do you think Iran is prepared to bargain its dream for nuclear weapons? Personally I believe it will not primarily because Israel has some (and its unlikely to give them up in exchange for Iranian cessation of nuclear weapons development)? And since it's clear that Iran will not give up its desire to acquire the weapon do you think there's any point in India playing the hopeless role of a facilitator (mission impossible)?

I personally think that we should make a move to increase our imports of oil from Iran. That will have a two-pronged effect:

- Press US and NATO for their continued supply of weapons to Pakistan against us. (We must play the hardball).
- Reduce the prices of fuel in our country where the taxation structure is already killing enough.
- Create a balance between sucking up too much to US and at the same time giving enough benefit of doubt to West Asia.

As long as China and Russia are pledging support for Iran, the latter will not compromise on the crucial nuclear issue.

China already has a lead here where it is the single largest importer of Iranian oil. Russia is already resource rich and imports don't really concern it much on fossil fuel. So they have already charted out their masterplan. It is we Indians who have none.

 

[charlyondfi]

China already has a lead here where it is the single largest importer of Iranian oil. Russia is already resource rich and imports don't really concern it much on fossil fuel. So they have already charted out their masterplan. It is we Indians who have none.

An echo to Tshering & AsianObserve: the oil export to west (EU) is actually just 18% of IRan's total, around 450k barrel per day to 2.5m bpd, while China claims almost double that.
EU governments consider delay on any Iran oil ban - The West Australian
In addition, China got huge investment & benefit in Iran. Wonder what leverage, either threaten or incentive, US got to persuade China? Nevertheless, it's NOT easy decision to China, either.

The bidding is getting higher. Quite a delicate & hard time for everyone (perhaps except Russia)...

 

[asianobserve]

The bidding is getting higher. Quite a delicate & hard time for everyone (perhaps except Russia)...

Exactly. I have even entertained a conspiracy theory: Post #16

It might be that Russia is calculating that by overtly supporting Iran it will encourage Iran to go beyond the brink and start creating a mess in its neighborhood affecting the oil production of the region. And when that region is all reduced to a smoking hulk it will pick up the international demand for expensive oil. Then with SA, Iran, Iraq, temporarily shut out of the international market Russia can not only dictate the price of oil but more importantly it can now demand US, EU, Japan and China to go down to their knees and beg for her oil (and be under her control much like SA to US) .. Cynical? I think this is a nice conspiracy theory...

 

[asianobserve]

Iran's president looks to Latin America as global sanctions grow - CNN.com

Iran is weak and getting weaker – Global Public Square - CNN.com Blogs

 

[asianobserve]

- Press US and NATO for their continued supply of weapons to Pakistan against us. (We must play the hardball).

I personally think the American-led WOT has helped India more than any other country. More than any other Indian initiative the WOT has done more to bring Pakistan to the brink of collapse. The supply of arms by the West to Pakistan is nothing more than an empty token. Those weapons can easily be negated if a war explodes between India and Pakistan by a supply of info on these weapons/systems.

India can do more however by upping the economic and military aid to Afghanistan (directly or indirectly). (But I'm not exactly sure on this one, it seems that Indian politicians are more worried about agitating Pakistan than serving their own interests.)

 

[tiranga]

Some news from India's side (I have no clue what they're talking about... so please explain) is it significant??

India wants to pay for Iranian crude in rupees
​

NEW DELHI: Fearing that fresh ​

US sanctions

may block a six-month-old conduit used for paying for ​

Iranian crude

, India wants to pay its second largest oil supplier in rupees.

The issue is likely to figure prominently when a multi- disciplinary team visits Tehran on January 16 to discuss uninterrupted supply, a top government official said here.

India currently pays Iran about $1 billion every month through Turkey for the 370,000 barrels per day of crude oil it buys from the world's fourth-largest oil producer.

"There are chances that Turkey may come under pressure after a fresh round of US sanctions imposed on Iran," an official said.

Under the proposal, National Iranian Oil Co (NIOC) will open a rupee account with Indian banks and can use the money to purchase non-strategic items like railway imports and buying commodities. It cannot, however, use the money to invest in India or buy shares or companies.

A list of what Iran can do with the money and what it cannot is being prepared.

The official said the Reserve Bank of India, which had in December 2010, discontinued a long-standing mechanism of payment through central banks, had previously opposed payments for the Iranian oil in rupee.

India had in February last year started making euro payments through an Iranian bank based in Germany. But under US pressure, Germany soon stopped accepting money from India for onward transfer to Hamburg-based EIH Bank, sending India to the doorstep of Turkey.

Routing payments through Russia was discussed during the visit of Prime Minister Manmohan Singh to Moscow last month. However, Russia is not keen due to the "complexities" involved.

US President Barack Obama signed a Bill into law late last month empowering US authorities to impose penalties on foreign banks dealing with the Central Bank of Iran to settle oil import payments.

National Security Adviser Shivshankar Menon on Thursday chaired a meeting of officials from the ministries of finance, petroleum and external affairs and the Reserve Bank after indications from Turkey's state-run Halkbank that it would have to stop settling payments on behalf of Indian companies.

The official said a preparatory meeting would be held in the oil ministry this week.

New Delhi, however, sees no supply disruptions unless the Strait of Hormuz is closed.​

India wants to pay for Iranian crude in rupees - The Times of India

​

 

[tiranga]

Another report :

Mangalore Refinery and Petrochemicals Ltd, India's biggest buyer of Iranian crude at about 150,000 barrels per day, has not cut purchases despite U.S. sanctions against Tehran, a top executive told Reuters on Friday.
The new U.S. law allows President Barack Obama to offer waivers to prevent havoc in oil markets, but to receive the permits countries are expected to demonstrate that they are reducing ties with Tehran.
"We haven't cut back supplies from Iran," Sudhir Vasudeva, chairman of India's state-owned explorer Oil and Natural Gas Corp said in an interview. MRPL is a subsidiary of ONGC.
New financial sanctions signed into law by Obama on New Year's Eve make it difficult for most countries to buy Iranian oil. The European Union is expected to announce tough measures of its own at the end of the month.
Indian companies have begun talks with alternative suppliers to slowly replace Iranian oil, fearing their current mechanism for payments to Tehran for some 350,000 barrels a day (bpd) via Turkey could soon succumb to sanctions.
Vasudeva did not give any detail on where the alternative supplies would come from but said: "We are taking 7 million tonnes from Iran. The payment mechanism through Halkbank is working as of now."
India, which a year ago lost one conduit for payments, is already looking for alternatives as Halkbank, the Turkish bank handling some transfers, refused to open an account for Indian refinery Bharat Petroleum.
India is talking to a Russian bank as an alternative to Halkbank, a government source had said last month.
Washington and its allies are imposing the measures to force Iran to abandon a nuclear programme which they say is aimed at producing an atomic bomb. Iran says the programme is peaceful.
Officials at Indian oil firms have said they would approach the country's oil ministry to ask it to request exemptions. Japan and Turkey, both U.S. allies, have said they would try to secure a waiver.
"The government is thinking of making a request for a waiver. There is a possibility of calling a meeting (of Indian government officials) shortly to discuss the matter," a source with direct knowledge of the matter said on Friday.
India imports a hefty 400,000 barrels a day of crude - worth about $12 billion a year - from Iran, making it India's seventh largest trading partner, accounting for 3 percent of India's total trade volume.
India-Iran annual crude deals run from April to March.

India's MRPL not cutting back Iranian oil imports | Reuters

 

[utubekhiladi]

Iran; has every right to produce nuclear weapons for it's defenses; just like everybody else has. america needs to mind it's own business. if we introspect, Americans are the one who has caused all the major problems, wars and issues in the world.

American strategy analyst should keep in mind the basic line of morality. "what goes around.., comes around".

Now i understand why i was surprised when i went to gas-station to fuel my car before 30 minutes writing this post. gas(petrol in usa) price has been raised by whopping $0.49 cents since last 4-5 days. Hike in gas prices will do absolutely no good to already fragile almost bankrupted american economy.

I may look like an anti-american here, but i am not.

 

[tiranga]

Its so ironic that the only country that has used its uclear weapons , now prohibits every other country from acquiring one.. first it was India, now its Iran..

 

[asianobserve]

Its so ironic that the only country that has used its uclear weapons , now prohibits every other country from acquiring one.. first it was India, now its Iran..

I have no problems with the US, Russia, China having nuclear weapons. I have problems with all the rest of the World having those weapons. Can you imagine Sri Lanka having a nuclear weapon? Bangladesh? (I know their economic situations will not permit them to have one at the moment, but what if they insist on having nuclear weapons?) Nuclear weapons for everyone! Anybody?

 

[utubekhiladi]

Its so ironic that the only country that has used its uclear weapons , now prohibits every other country from acquiring one.. first it was India, now its Iran..

all countries will acquire nuclear weapons some day.., no matter what. it's funny that americans have 3500+ nukes in ready state of all size and yields. and still they prohibit others from developing such weapons.

americans and russians tested nuclear weapons for pride and to satisfy their ego; while countries like India tested nuclear weapons for survival.

my best is on china, one day china will make all NATO to dance to some classic hun opera.

 

[asianobserve]

Americans are the one who has caused all the major problems, wars and issues in the world.

 

[utubekhiladi]

I have no problems with the US, Russia, China having nuclear weapons. I have problems with all the rest of the World having those weapons. Can you imagine Sri Lanka having a nuclear weapon? Bangladesh? (I know their economic situations will not permit them to have one at the moment, but what if they insist on having nuclear weapons?) Nuclear weapons for everyone! Anybody?

i understand your feeling and i do respect your opinion. infact, i even agree with what you are saying. but everybody has equal rights to defend themselves.

 

[utubekhiladi]

let me help you too..



laugh it off.

 

[HeinzGud]

Iran; has every right to produce nuclear weapons for it's defenses; just like everybody else has. america needs to mind it's own business. if we introspect, Americans are the one who has caused all the major problems, wars and issues in the world.

American strategy analyst should keep in mind the basic line of morality. "what goes around.., comes around".

Now i understand why i was surprised when i went to gas-station to fuel my car before 30 minutes writing this post. gas(petrol in usa) price has been raised by whopping $0.49 cents since last 4-5 days. Hike in gas prices will do absolutely no good to already fragile almost bankrupted american economy.

I may look like an anti-american here, but i am not.

Mate it's not just any country Iran is a Mullah country they don't have any democracy or any check and balance system. If the Mullah wants something so his will be done! That's why Israel is so opposed to Iranian nuclear program, so should we!

 

[asianobserve]

i understand your feeling and i do respect your opinion. infact, i even agree with what you are saying. but everybody has equal rights to defend themselves.

You're not talking here of hand guns and assault rifles, which I understand you looove there in Texas...