28 Oct '12, 11am

Tech Talk - Global crude oil and Iran

Looking at the figures for Iran, it is clear that the sanctions which have been imposed on that country by the West are having a serious impact. Not only is this seen in the fall in oil production, likely around 1 mbd, but in the more consequential cut to exports this fall is reflected in a $7 billion reduction in income. Iran has just started to admit that this bite in their export market is hurting production. And it is only now that they recognize that this will further fall , though they are now also threatening to carry this drop to its ultimate conclusion, and to stop exports entirely . An immediate impact to this would fall on Turkey, which has cut oil imports from Iran by about 20% , but which has a six month exemption from the full impact of the sanctions. It is currently importing around 200 kbd of crude. Some of the value of that oil is apparently returning to I...

Full article: http://www.theoildrum.com/node/9582

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