Posted on 01/04/2012 10:49:25 AM PST by Sub-Driver
Exclusive: EU agrees to embargo on Iranian crude Photo 1:30pm EST
By Justyna Pawlak and Parisa Hafezi
BRUSSELS/TEHRAN (Reuters) - European governments have agreed in principle to ban imports of Iranian oil, EU diplomats said Wednesday, dealing a blow to Tehran that crowns new Western sanctions months before an Iranian election.
The prospective embargo by the European Union, along with tough U.S. financial measures signed into law by President Barack Obama on New Year's Eve, form a concerted Western campaign to hold back Iran's nuclear program.
Iran says the program is strictly non-military, but Western countries say a November U.N. report shows it has sought to build an atomic bomb. Talks between Tehran and major powers broke down a year ago.
Diplomats said EU envoys held talks on Iran in the last days of December, and that any objections to an oil embargo had been dropped - notably from crisis-hit Greece which gets a third of its oil from Iran, relying on Tehran's lenient financing. Spain and Italy are also big buyers.
"A lot of progress has been made," one EU diplomat said, speaking on condition of anonymity. "The principle of an oil embargo is agreed. It is not being debated any more."
(Excerpt) Read more at reuters.com ...
We’ll see... Seems like too little too late.
What’s to stop China from buying it all?
More oil for China.
The ragheads are not gonna like this...
China might do that now that they might get a better deal. -Tom
But the new U.S. sanctions have already made it difficult for Iran to keep its customers, and could force it to offer steep discounts to countries willing to risk doing business with it, hurting its revenues.
Biggest trading partner China, driving a hard bargain, has cut its orders of Iranian oil by more than half this month.
Leading up to our little war with Iraq, there too was a trade embargo in place.
Our major trading partners like france and germany it later was PROVEn were not really honoring said embargo.Not while money was to be made.
Same here, France, Germany, Etc. etc. will continue dealing with Iran.
Which ragheads?
At some point in the not too far future Iran will either have a revolution or start a war. They’re at the point where they have nothing to loose.
Iranian ragheads.
Iran: We’ll stop the flow of Gulf oil if sanctions are imposed (Threatens to close Hormuz)
See link at #12.
With Europe’s economy slowing down they can probably get the volume they need from Libya, Africa and Brazil.
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Not to mention the USA. The economy is so bad, even WE are exporting oil now.
I expect the EU to play both sides of this fence and to agree with Tehran as soon as the Mad Mullahs offer new talks.
UNLESS the Iranians are actually dumb enough to go the belligerent route.
Yes and still the french and germans and probably the greeks, swiss, poles etc will still broker behind the scene deals
What can we do to help?
Thanks Ernest.
China calls Iran’s bluff in oil price showdown
South China Morning Post | December 21, 2011 | South China Morning Post
Posted on 12/21/2011 1:48:46 PM PST by PGR88
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