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The West Blinks - Iran Embargo Likely To Be Delayed By Six Months
UPDATE: Oil Sub $100.
And so the escalation ends, if only for the time being, as Iran chalks a (Pyrrhic?) victory.
- EU IRAN OIL EMBARGO SAID TO BE LIKELY DELAYED BY SIX MONTHS
Why? Because the world slowly realized that the potential surge in oil prices would tip a world already on the verge of a recession even deeper into economic contraction. Not rocket science, but certainly something the US president apparently has been unable to comprehend, especially if hoping that he would merely transfer exports from Iran to his close ally Saudi Arabia which would cement its European market monopoly even further. Or, perhaps, someone just explained to Obama that Embargo in January + QE3 in March = No Reelection...
In other news, crude is now dumping.
Reuters on the topic earlier:
U.S. allies in Asia and Europe voiced support on Thursday for Washington's drive to cut Iran's oil exports, though fear of self-inflicted economic pain is curbing enthusiasm for an embargo that a defiant Iran says will not halt its nuclear programme.
On Thursday, Japan, whose economy is already deep in the doldrums after cuts in its nuclear power supply following last year's tsunami, pledged to take concrete action to cut its oil imports from Iran in response to an appeal for support from visiting U.S. Treasury Secretary Timothy Geithner.
However, Tokyo's support was not without reservations.
Finance Minister Jun Azumi said Japan buys 10 percent of its oil from Iran. "We would like to take action concretely to further reduce in a planned manner," he said. But he added: "It would cause immense damage if they were cut to zero."
The European Union is more sympathetic to U.S. pressure on Iran. EU foreign ministers are expected to agree on a ban on imports of Iranian crude oil on Jan. 23.
However, even Europe, whose governments largely share the concern of Israel and Washington over Iran's nuclear ambitions, is looking for ways to limit the pain of an embargo.
"We expect a slow and gradual implementation of what will eventually become a full embargo," said Mike Wittner from Societe Generale. "Europe has the same concerns about its fragile economy and an oil price spike as the U.S., probably even more".
Firms in Iran's three biggest EU oil customers, Italy, Spain and Greece, all suffering acute economic discomfort, have lately extended existing purchase deals in the hope to at least delay the impact of any embargo for months, traders told Reuters.
The European Union is more sympathetic to U.S. pressure on Iran. EU foreign ministers are expected to agree on a ban on imports of Iranian crude oil on Jan. 23.
However, even Europe, whose governments largely share the concern of Israel and Washington over Iran's nuclear ambitions, is looking for ways to limit the pain of an embargo.
"We expect a slow and gradual implementation of what will eventually become a full embargo," said Mike Wittner from Societe Generale. "Europe has the same concerns about its fragile economy and an oil price spike as the U.S., probably even more".
Firms in Iran's three biggest EU oil customers, Italy, Spain and Greece, all suffering acute economic discomfort, have lately extended existing purchase deals in the hope to at least delay the impact of any embargo for months, traders told Reuters.
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-comment rem'd by user due to excessive shadenfreude content
hey, GoinFawr, based on some past conversations we've had, I encourage you to read Rickards' book Currency Wars if you haven't already. He touches on some of the more "meta" aspects of money/currency systems at the end.
you know, I haven't read it. I'll definitely check it out bd, thanks.
False flag before the surprise attack? Or all part of the Obammy blow hot and act cold scenario to reelection? Who needs oil @ 150 in the current world situation? I am referring to sane people not to uber-alles elites who think the world belongs to them.
Ahh yes, another Iran posting and all the little Nazi fucks come running to ZH hoping to spark the next holocaust, while at the same time bending over backwards to excuse the behavior of the worlds worst regimes, almost all of which are either socialist nightmares or Islamic theocracies.
There are some sick puppies around here...
What is sick is car-bombing Iranian nuclear scientists!
Soon, in Israel, they will put you in jail for calling someone a "Nazi". Up to six months in jail and a $25,000 fine.
Because they are a "democracy" and that's how a democracy rolls...making words illegal.
Ain't that cool? Aren't you proud?
Israel Moves to Ban Use of the Word ‘Nazi’
http://thelede.blogs.nytimes.com/2012/01/10/israel-moves-to-ban-use-of-t...
"Thoughtcrime does not entail death: thoughtcrime is death." ~ Winston Smith
Israel is not ready to repel all of those incoming missiles and Obama is worried what the US public might think of losing an aircraft carrier.
well, all parties at the ok corral were heard and nobody cleared leather
there is no reason to shoot
there is oil; + producers, shippers, disrtributers, and buyers; china & russia can handle the ayatollas of rockNrollas' oil and they can swap fuking sea shells for all anybody should care; but maybe they decided to use "dollars" for a while longer, too...who knows???
but, if somebody wants to talk religious war and jihad while developing atomic energy, watch yer fuking lip asshole, and don't forget who holds the hammer(s) here
i think what we witnessed here, was the scenario that there might not be unuf oil if iran [or anybody else] clears leather, and we get into a more global cotillion, here
so, let's all think about that for a while
eyeball-to-eyeball is fine with me...my friends...
b/c this here situ could become very stable for all concerned, too! which might be kinda healthy for all involved...
so, let's see if we can take it from here, ok? perhaps a little birdie turned on the "light bulb" and iran perceives that whether or not its oil is necessary for other "strategic interests" in the area is largely, if not totally, up to iran, from here...
"cotillion" Nice word there slewie, and heartily apropos.
thxz, eb!
let's think about having a year of less energy and packaging consumption and we bike and hike around the woods & the hoods!
peace
The war machine blinks. Haha. Reality is a bitch, isn't it??
Sort of a deja vu feeling here... Didn't GSucks run a similar oil ramp and dump scam a couple years back?
Let's say China gives the U.S. the middle finger in six months. I believe the language of the recent legislation would penalize entities by denying access to the U.S. financial system. If that were the case, how does China or any country for that matter purchase the Treasury's endless ream of toilet paper?
Little timmay got back from his visit with the chinese and had to tell obummer they wouldn't go for the oil embargo idea. In fact, they probably told timmay they would increase their purchases and lock them up in a long term deal.
Kissinger's wet dream.
http://www.dailysquib.co.uk/index.php?news=3089
Who speaks for U.S. Government policy, representing 312.83 million people? The Goldman Federal Reserve Central Bank’s Bernanke.
Who speaks for European Union policy, representing 502.52 million people? The Goldman European Central Bank’s Draghi.
Total power: all unelected
true: the chairsatan is appointed
true: many "EU spokespersons" = unelected
but if you check the organization chart, you will also find a US "chief executive" who may or may not have ever legally qualified for, or won, the election to office! L0L!!!
WHY LET the Zionists sink the world? Better to sink them and get on with a less bellicose, more prosperous world. No embargo at all, I say. Iran hasn't attacked anyone.
Yep. Save the world from WW3, invade Israel and kick the extremist out of power!
It wasn't so much a blink as it may have been the Chinese EZ Loan Charity Fund, and the knowledge that China and Russia plan to veto any UN "no fly zone" resolutions.
Just read in the Bloomberg that the opposition (calling themselves the Syrian Rebel Army and strangely reminiscent of the Libyan Rebel Army), and lame stream alleged as Syrian Army renegades (heard that `un b4 not tooo fer back), but, as anyone who can do a number two with missing and and causing collateral damage to the linoleum by slamming an out of control turd on the bathroom floor knows, are, in both fact and reality, little more than the usual gaggle of suspects.
Getting this feeling the cold war never ended and that China and Russia are just one move away from checkmating our asses.
I told you before
You can't do that!
So when they finally do try to implement an embargo Iran will have already be prepared to work around it by dealing with China or whoever.
Good move West, you just fucked yourselves. You revealed that you are SO dependent on foreign oil that you can't even embargo Iran within 6 fucking months. Now imagine if they did shut down the straits of Hormuz, even for 3 weeks. The entire European economy collapses in on itself.
That's hilarious. The pols wrote checks that their asses couldn't cash. Someone went and did the math and told them, "um, sir....if you do this the entire European economy is going to collapse into a steaming pile."
I've been thinking this over the last couple hours even reattached a bit to do it and I think this is just a headfake. They are going strongly after syria. So I think it's to try to make them misallign their ducks. If both of them are defending an attack on self then it diminishes them in supporting attack on the other.
And probably to double check on what russia and china are going to do.
Way to hand the GOP a major political football.