Iran Halts Oil Sales To UK, France on Eve of Talks!
- Iran just announced this (Sunday). Oil prices are surging: Nymex above US$104 and Brent above US$120. Gold and silver are rallying!
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Iran halts oil sales to UK, France on eve of talks!
By Parisa Hafezi TEHRAN | Sun Feb 19, 2012 6:08pm EST
TEHRAN (Reuters) – Iran ordered a halt to its oil sales to Britain and France on Sunday in a move seen as retaliation against tightening EU sanctions, as a team of U.N. inspectors flew to Tehran to press the Islamic Republic over its disputed nuclear program.
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The European Union enraged Tehran last month when it decided to impose a boycott on its oil from July 1. Iran, the world’s fifth-largest oil exporter, responded by threatening to close the Strait of Hormuz, the main Gulf oil shipping lane.
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On Sunday, its oil ministry went a step further, announcing Iran has now stopped selling oil to France and Britain altogether – a powerful yet largely symbolic message since neither European nation relies on Iranian crude imports.
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“Exporting crude to British and French companies has been stopped … we will sell our oil to new customers,” spokesman Alireza Nikzad was quoted as saying on the ministry website.
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Iran, which denies Western allegations that it is seeking to make nuclear weapons, has ramped up its rhetoric in recent weeks while also expressing willingness to resume negotiations on its nuclear program.
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So what did they expect, we will put sanctions on your oil, cripple your people but not till July when we have found other suppliers. because your have a domestic nuclear energy program that we want the world to think you are trying to produce nuclear weapon(Red herring) Iran becomes nuclear energy efficient then it can flood the markets with what would be vast oil reserves. Hello, Iran was right to stop oil supply and have stated it is more sybolic than anything, it will still supply Span and Italy till they find other supplyers as they are more reliant.