Iran Threatens to Stop Oil Exports to “Some” Countries
The government of the Islamic Republic of Iran is considering plans immediately to stop exporting oil to “some” countries. The action would be a direct response to the European Union’s recent decision to ban imports of Iranian oil to the…
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The government of the Islamic Republic of Iran is considering plans immediately to stop exporting oil to “some” countries. The action would be a direct response to the European Union’s recent decision to ban imports of Iranian oil to the EU.
In reality, the move is meaningless. Iran needs to sell its oil. There is at least one willing buyer — China. Unless China decides to increase it’s consumption by the total amount of oil that Iran will not be sending to Europe, then the Europeans will be able to get supplies from someplace else.
On electronic markets, both WTI and Brent crudes are lower this morning.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
