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Iran Oil Sanctions Starting Risks Biggest OPEC Loss Since Libya

Bloomberg -- European Union sanctions on Iran entered into full force today after exemptions on some contracts and insurance ended, boosting crude prices and pressure on the Persian Gulf nation to halt its nuclear-enrichment program.

The reduction in Iranian exports may become the biggest supply disruption from a member of the Organization of Petroleum Exporting Countries since an armed rebellion all but halted pumping in Libya last year, according to the International Energy Agency. It also comes just as a strike by Norwegian workers is curbing flows from North Sea fields.

“We expect Brent oil prices to be supported by Iranian oil sanctions and potential loss of supplies from the North Sea,” Gordon Kwan, the head of regional energy research at Mirae Asset Securities based in Hong Kong, said in a


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Submitted Jul 01, 2012 By: angel4me
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Iran Oil Sanctions Starting Risks Biggest OPEC Loss Since Libya Back to Topics
REPLIES (newest first) Post a Reply
SparkieMi
Champion Author Kalamazoo

Posts:6,316
Points:1,341,695
Joined:Sep 2011
Message Posted: Jul 1, 2012 11:17:38 PM

Time will tell!!!!
judgemobile
Champion Author Ohio

Posts:10,819
Points:3,223,650
Joined:Nov 2005
Message Posted: Jul 1, 2012 11:17:13 PM

SO...is that why energy prices went way up at wholesale on Friday, June 29th ?
BobD2009
Champion Author Long Island

Posts:10,192
Points:2,002,565
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Message Posted: Jul 1, 2012 11:16:08 PM

Iran enjoys being a pest.
TBONE3
Champion Author Pennsylvania

Posts:10,829
Points:2,427,350
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Message Posted: Jul 1, 2012 11:16:06 PM

What goes around, comes around. poor opec!
Prodaddy
Champion Author Houston

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Message Posted: Jul 1, 2012 11:15:43 PM

Lets wait & see what happens
tedjm1
Champion Author New York

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Message Posted: Jul 1, 2012 11:15:42 PM

There will likely be black market for Iranian oil.
boatfloyd
Champion Author Jacksonville

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Message Posted: Jul 1, 2012 11:14:49 PM

Fun and games in the international world.
crreed1
Champion Author West Virginia

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Message Posted: Jul 1, 2012 11:14:14 PM

all old news tonight
jkpsr
Champion Author New Jersey

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Message Posted: Jul 1, 2012 11:13:31 PM

I would worry more about the Norwegian strike.
srchr
Champion Author San Jose

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Message Posted: Jul 1, 2012 11:10:37 PM

up up and away
blazerbob91
Champion Author Milwaukee

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Message Posted: Jul 1, 2012 11:10:29 PM

Quick raise prices
joel27nc
Champion Author Raleigh

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Message Posted: Jul 1, 2012 11:09:44 PM

They brought it to themselves.
thuathienhue
Champion Author Michigan

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Message Posted: Jul 1, 2012 11:08:56 PM

Old buiness.
fullauto
Champion Author Reading

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Message Posted: Jul 1, 2012 11:08:09 PM

tough
jetskijerry
Champion Author North Carolina

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Message Posted: Jul 1, 2012 11:05:39 PM

They raise it when they have the chance.
omega_jeff
Veteran Author Oakland

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Message Posted: Jul 1, 2012 11:05:39 PM

Price fixers...
TheeRedRam
Champion Author Hartford

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Message Posted: Jul 1, 2012 11:04:15 PM

Hummmmm!!!!!
FunMyster
All-Star Author Indiana

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Message Posted: Jul 1, 2012 4:45:56 PM

Expect prices to go up Monday.
snappytom2
Champion Author Corpus Christi

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Message Posted: Jul 1, 2012 2:01:31 PM

Consume it all up before someone else gets it.
Cheepo
Champion Author Tampa

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Message Posted: Jul 1, 2012 1:40:53 PM

Lets drill here and now !!!!!!!!!!!!!!!!
Night Owl
Champion Author Toronto

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Message Posted: Jul 1, 2012 11:54:55 AM

Let's see what the Iranian crybabies do now.
Agarre
Champion Author Richmond

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Message Posted: Jul 1, 2012 11:45:33 AM

Okie
2granny
Champion Author Michigan

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Message Posted: Jul 1, 2012 11:41:56 AM

One more excuse to raise gas prices.
mageetp
Champion Author British Columbia

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Message Posted: Jul 1, 2012 11:26:14 AM

Hope things work out for everyone involved in this mess.
commins
Champion Author Riverside

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Message Posted: Jul 1, 2012 11:25:16 AM

Say it isn't so!
rjojo40AL
Champion Author Nevada

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Message Posted: Jul 1, 2012 11:22:02 AM

no way
fightbigoil71
Champion Author Milwaukee

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Message Posted: Jul 1, 2012 11:12:39 AM

Let's keep an eye on this developing story
5Golfer8
Champion Author Tucson

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Message Posted: Jul 1, 2012 11:12:12 AM

Any excuse to keep prices high.
Mowerman08
Champion Author Milwaukee

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Message Posted: Jul 1, 2012 11:06:46 AM

The US gave exemptions to all the big users, so it won't be that big a deal.
CheckitoutGuy
Champion Author San Diego

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Message Posted: Jul 1, 2012 11:06:06 AM

Got no idea of what the oil market will do - but I'm not alone - haven't found anybody that does.
FrankTA2
Champion Author New York

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Message Posted: Jul 1, 2012 11:05:59 AM

Excellent!!!
GasFreeLeaf
Champion Author Orange County

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Joined:Oct 2010
Message Posted: Jul 1, 2012 11:04:35 AM

Norwegian workers strike is curbing flows from North Sea fields. After working the platforms during the extreme weather seasons, I hope they enjoy the break.
minnesotagirl
Champion Author Milwaukee

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Message Posted: Jul 1, 2012 11:03:13 AM

We'll see
BlueVanGroup
Champion Author Fort Collins

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Message Posted: Jul 1, 2012 11:02:47 AM


Iran is building pipelines so it can still sell oil to China and India without dependence on the Strait of Hormuz.
TRAIN RIDER
Champion Author San Bernardino

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Message Posted: Jul 1, 2012 11:02:30 AM

Everything needs to be done to stop them from making bombs.
jodybull
All-Star Author El Paso

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Points:140,880
Joined:May 2012
Message Posted: Jul 1, 2012 11:01:46 AM

Iran = the government of Iran, and yes--who cares! Nobody should. The 90% of their populace is not represented by that terrorist/religious/fanatic regime.

U.S. = the government of the U.S., and yes--who cares! Nobody should. The 90% of our populace is not represented by our self-serving, superiorist, better-than-thou, non-Constitutional oligarchy.

When has "Iran" ever told the truth about anything? When has the "U.S." ever told the truth about anything?
Valricoslash
Champion Author Tampa

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Message Posted: Jul 1, 2012 11:01:05 AM

Precisely why we need to pump our own as much as possible and consider natural gas for powering our vehicles.
briinnc
Champion Author North Carolina

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Points:834,820
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Message Posted: Jul 1, 2012 10:59:56 AM

We don't need their oil anywhere in the world, but they need the money to support their radical regime. Eat dirt.
mickealo
Champion Author Spokane

Posts:9,222
Points:2,870,390
Joined:Oct 2006
Message Posted: Jul 1, 2012 10:59:49 AM

we should be using our own oil not selling it to china and working with our neigbors to keep it flowing from all of us here in North America so we would no longer be controled by middle east
OKRifle
Champion Author Oklahoma City

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Message Posted: Jul 1, 2012 10:59:16 AM

I second that!
kuma2000
Champion Author Honolulu

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Message Posted: Jul 1, 2012 10:57:32 AM

nuke them
peapaw
Champion Author Ohio

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Joined:Jun 2011
Message Posted: Jul 1, 2012 10:54:13 AM

Who cares about Iran?
BeatOPEC
Champion Author Indianapolis

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Joined:Apr 2011
Message Posted: Jul 1, 2012 10:54:03 AM

I'll pay more at the pump to stop the crazy Iranians.
jlisk1970_us
Champion Author St. Louis

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Joined:Feb 2012
Message Posted: Jul 1, 2012 10:51:53 AM

let it happen
a_lu_vasile
Champion Author Maryland

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Message Posted: Jul 1, 2012 10:50:37 AM

ok
ljmh
Champion Author Akron

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Joined:Feb 2011
Message Posted: Jul 1, 2012 10:49:40 AM

Yes, let Iran sell to China because it will not take long for the two of them to start some sort of discord.
Grismer
Champion Author Kitchener-Waterloo

Posts:11,679
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Joined:Apr 2008
Message Posted: Jul 1, 2012 10:49:12 AM

Fortuneatly, lowered global oil demand should keep oil price increase to a minimum.
dynamouse
Champion Author Michigan

Posts:6,528
Points:2,314,105
Joined:Dec 2006
Message Posted: Jul 1, 2012 10:47:43 AM

Ok.remember obama wants gas at $5-6 a gal hes the one that stopped the pipe line wasted all of our tax money on green technology
autohio
Champion Author Ohio

Posts:5,261
Points:1,511,345
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Message Posted: Jul 1, 2012 10:45:35 AM

Here we go
FocusST2
Champion Author North Carolina

Posts:10,883
Points:2,129,320
Joined:Jul 2009
Message Posted: Jul 1, 2012 10:44:23 AM

Wow, here comes the attempt to bring fear back and bring on higher oil prices. BTW how much oil does the US import from Iran? None or next to none.....Here's a concept let China import from Iran, drain it dry, while the rest of the world goes on with reasonable oil prices.
Blismo
Champion Author Arizona

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Points:498,810
Joined:Feb 2012
Message Posted: Jul 1, 2012 10:44:06 AM

wow
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