Reply With Quotehttp://www.eia.gov/dnav/pet/pet_crd_pres_dcu_NUS_a.htmOriginally Posted by Slenke
Now look at US reserves and relax.
Ok, let me calculate for Persian Gulf only.
Comparing the first 10 months in 2011 with the corresponding months in 2010, gives us an increase of 6,8% in US oil imports from the Persian Gulf.
During 2011 the average daily import from the Persian Gulf was 1,8345 million barrels per day (when using jan-oct (10 months) as a benchmark). That adds up to 20,6% out of total US import of crude oil.
http://www.eia.gov/dnav/pet/pet_move...0_mbblpd_m.htm
http://www.eia.gov/dnav/pet/pet_crd_pres_dcu_NUS_a.htm
Now look at US reserves and relax.
Of course the US have reserves, problem is they still import oil and there is a reason for that. You can't expand oil production over a day, it takes time. But to think that it's just for the US to sit back and relax is way naive. Not that I think that Iran will close the Hormuz strait, but it is a possibility. If that happens the whole world will be affected, not just because of oil imports but for the price of oil.
For the same reason, a blockade would affect my country as well (Sweden) even though we import 0 % from the Gulf.
This whole thing is nothing to be relaxed about.
Live with it.Iranian nuke problem is bigger then oil prices.Oil itself is in abudance,its not like you will not be able to buy it,it will simply cost more.
And the cost issue is exactly my point, and it would f*ck up a fragile European and US economy big-time. If there is such a thing as really bad timing to go to war, that time is now.
I really hope that if the US would wage war with Iran that they have real proof this time so we don't end up with an Iraq 2.0.
No one wants war with Iran,while some in US administration wanted war with Iraq(rightly,or not).
http://www.bbc.co.uk/news/business-16728942
The International Monetary Fund (IMF) has warned of a 20-30% oil price spike if Iranian exports are disrupted.
The IMF warned that if the West imposed financial sanctions on Iran, it would be tantamount to an oil blockade, and the shock to the market could be as bad as from Libya's revolution last year.
Iran produces 5% of global oil output.
latest news from Iran :
Iran eyes banning oil sales to Europe - Yahoo! News
TEHRAN, Iran (AP) — Iran's parliament will begin debating a draft bill requiring the government to immediately halt oil exports to Europe, a prominent lawmaker said Wednesday, as Tehran weighs its options following the European Union's decision to stop importing oil from the country.
"The bill requires the government to stop selling oil to Europe before the start of European Union oil embargo against Iran," lawmaker Hasan Ghafourifard told the parliament's website, icana.ir. Debate on the bill is to begin on Sunday, he said.
lol indeed. Someone said this could happen a while ago.
Is it a version of "You can't fire me ! I AM quitting !" ? Because, most of the time, there's more benefits at being fired than just quiting, and not getting any benefits...
What if you need ten workers to work to keep up productivity for the next six months but one of them suddenly decides to quit right now?
You are getting laid off anyway, might as well give your 'employer' some headache while on it if you don't like him.
You use the strategic reserves of your partner till new workers arrive.
Exactly. Give them something extra to do, some more effort that would otherwise be unnecessary, dwindle down the strategic reserves for a time, whatever; it's better than doing nothing as a final FU from the perspective of the person who has nothing left to lose now. In the mean time other customers will be buying and hoarding Iranian oil that EU will no longer be purchasing.
By now, it's clear that India, China and a few other countries will make up what was lost in the EU embargo. Getting paid in Gold doesn't hurt either.
What's bothering me was it seems everyone was surprised that someone is willing to pay in Gold and it seems EU (or at least the posters here) didn't expect Iran would immediately halt exports to EU.
Will they?
There's a gigantic infrastructure trail which would need to be sorted first (at great cost), and that's only after you can convince Chinese and Indian importers that it's worth their time, effort, and money to switch over.
Either way, the EU embargo will fulfill it's purpose of hurting Iran.
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