The Iranian oil embargo blowback

[Sparrow]

The Iranian oil embargo blowback
By Pepe Escobar

If the sorry parade of European poodles - or what analyst Chris Floyd delightfully dubbed Europuppies - had any understanding of Persian culture, they would have known that blowback for their declaration of economic war in the form of an Iranian oil embargo would be nothing short of heavy metal.

Better yet; death metal. The Majlis (Iranian parliament) will discuss this Sunday, in an open section, whether to cancel right away all oil exports to any European country that approved the embargo - according to Emad Hosseini, the rapporteur of the Majlis Energy Committee. And that comes with the requisite apocalyptic warning, relayed via the Fars news agency, courtesy of member of Parliament Nasser Soudani: "Europe will burn in the fire of Iran's oil wells."

Soudani expresses the views of the whole Tehran establishment when he says that "the structure of their [Europe's] refineries is compatible with Iran's oil", and so Europeans have no alternative as replacement; the embargo "will cause an increase in oil prices, and the Europeans will be compelled to buy oil at higher prices"; that is, Europe "will be compelled to buy Iran's oil indirectly and through intermediaries".
http://bing.search.sympatico.ca/?q=Asia Times&mkt=en-ca&setLang=en-CA
http://www.atimes.com/atimes/Middle_East/NA28Ak05.html

This could have wide ramifications.

 

[L Gilbert]

Most of the crap in this issue just makes me have more empathy and compassion for regular Iranians. They are the ones on the sh|tty end of the issue, not the bigmouths deciding on actions and whatnot.

 

[captain morgan]

No surprise in the Iranian reaction. Its gotta make you wonder how much this will impact the US oil supply when the Euros begin to compete for their offshore supplies.

Can anyone say Keystone XL and security of supply?

 

[darkbeaver]

Most of the crap in this issue just makes me have more empathy and compassion for regular Iranians. They are the ones on the sh|tty end of the issue, not the bigmouths deciding on actions and whatnot.

Regular Iranians support their government against the invader. You should feel sorry for the Europeans whose idiot zionist puppet governments are bent on WW3 and economic ruin, not necessarily in that order. You seem to think the west has something to offer Persia besides nuclear war.

"Europe will burn in the fire of Iran's oil wells." I like that Persian poetry.

 

[Sparrow]

The other extra point is the moving away from the greenbacks.

 

[captain morgan]

"Europe will burn in the fire of Iran's oil wells." I like that Persian poetry.

I can see it now... Iran torching their oil fields to teach those euro-puppies a staunch lesson.

The other extra point is the moving away from the greenbacks.

That doesn't leave the Iranians too many options in terms of which currency to trade with.

 

[L Gilbert]

Regular Iranians support their government against the invader.

How would you know? My bet is that most Iranians would rather just live a lifestyle they choose and not be bothered by idiot gov'ts and foreign affairs.

You should feel sorry for the Europeans whose idiot zionist puppet governments are bent on WW3 and economic ruin, not necessarily in that order.

I have compassion for anyone whose gov'ts screw things up on them.

You seem to think the west has something to offer Persia besides nuclear war.

And vice versa.

 

[petros]

That doesn't leave the Iranians too many options in terms of which currency to trade with.

Gold!!!! Thank you India and China!

 

[captain morgan]

I heard on the radio this morning that China is making a run for being the biggest consumer/buyer of gold having bought approx 500 metric tonnes recently, they may topple India on the purchase/consumption side.

That said, Iran may be forced to expend whatever gold that they have to keep their econ engine running.

 

[petros]

Why? They can trade food and consumer goods with China, India and Russia until the cows come home and pay bills with gold.

Canada being the leader in supplying gold will make out quite nicely.

 

[captain morgan]

That's assuming that they have enough gold for that purpose... Besides, any trade that Iran does with China or India would be for oil.

 

[petros]

Yup Just like it is right now with China and India buying 2/3 of their production. We can't even begin to phase their economy with sanctions but I'm loving the leap in gold prices.

That's assuming that they have enough gold for that purpose... Besides, any trade that Iran does with China or India would be for oil.

Why would there not be enough gold? If China and India want to tie gold prices and oil prices together I'm all for it.

 

[L Gilbert]

That's assuming that they have enough gold for that purpose... Besides, any trade that Iran does with China or India would be for oil.

Why is Iran Stockpiling So Much Gold?

 

[petros]

India Buying Iran's Oil In Gold & Drops Dollar - China Considering Same Deal - YouTube

Go sanctions go! It must be why EVRAZ is still shipping pipe for XL.

 

[mentalfloss]

Yup.

Our ethical oil just means China will get more from Iran and guarantee them as the #1 economy.

Thank god for ethical oil.

 

[petros]

Do we have ethical copper and aluminum yet?

 

[BruSan]

Nope; but we do have ethical phosphates and china loves them.

 

[Just the Facts]

So, Europe supports an oil embargo against Iran, and the blowback is a declaration by Iran that they won't sell oil to the embargoing nations? Am I missing something here?

 

[taxslave]

So, Europe supports an oil embargo against Iran, and the blowback is a declaration by Iran that they won't sell oil to the embargoing nations? Am I missing something here?

I think it is called irony. Mayhaps after a bout of freezing and not driving their luxury cars the Eurotrash might be looking favorably at the Northern Gateway. Or perhaps a pipeline to Churchill.

 

[petros]

I think it is called irony. Mayhaps after a bout of freezing and not driving their luxury cars the Eurotrash might be looking favorably at the Northern Gateway. Or perhaps a pipeline to Churchill.

Everyone will be begging for pipelines to TX and the Asia Pacific Bill Gatesway.