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Iran is working to offset the effects of a European Union embargo on imports of its crude by...

Iran is working to offset the effects of a European Union embargo on imports of its crude by bartering with China and selling refined products like gasoline to its neighbors, according to a WSJ report which cites the head of National Iranian Oil as saying the EU embargo will cause a 20%-30% reduction in crude exports for the second half of the year. (earlier)
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  • tonyeg
    , contributor
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    Iran is down to one customer China which will only drive their oil price lower. They will have to pump more oil to make up the revenue short fall. Again oil is going to $70 a barrel WTI. ( I made this prediction in April when oil was at + $104 per barrel). The G20 will threaten to release their strategic reserves to keep the oil speculators in check. The Obama administration is building a case against a few oil speculators to demonstrate how they manipulate the market. The Saudis want to increase OPEC quotas to increase their revenues at an inevitable lower price so they can distribute more income to prevent their Arab spring. The Russians keep pumping oil to help Obama's re-election. Buy your favorite ETF oil short.
    2 Jul 2012, 01:19 PM Reply Like
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