If 2015 is anything like 2014 we can expect a wild ride. Oil price volatility – including its downward trend – will linger well into the first and second quarters as global production persists and key conflicts in Eastern Europe and the Middle East show no end. For its part, the United States is better positioned than most – the US is poised to carry the global economy in 2015 with projected GDP growth of 3.1 percent. However, converting this potential into meaningful energy trade and/or soft power is another matter altogether and 2015 offers limited opportunities. Continue reading
“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 by the ministry of petroleum website.
The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this.
Iran’s oil minister said on February 4 that the Islamic state would cut its oil exports to “some” European countries.
The European Commission said last week that the bloc would not be short of oil if Iran stopped crude exports, as they have enough in stock to meet their needs for around 120 days.
Full article: Iran stops oil sales to British, French companies (Reuters)
A U.S. aircraft carrier strike group sailed through the Strait of Hormuz Tuesday more than a month after Iran warned a different carrier — USS John C. Stennis — not to return to the Gulf as Iranian navy boats sailed by.
Iran has threatened to close the Strait of Hormuz, used for a third of the world’s seaborne oil trade, if Western moves to ban Iranian crude exports cripple its energy sector.
Tuesday aircraft carrier USS Abraham Lincoln — part of the Bahrain-based U.S. Fifth Fleet — sailed through the strait of Hormuz with the Cape St George destroyer cruising behind.
Full article: U.S. carrier crosses Hormuz amid rising Gulf tensions (Reuters)
Given the fact that the Arab states within the middle east have all expressed concern over Iran’s both nuclear and imperialistic regional ambitions; and the fact that countries like Saudi Arabia have encouraged an attack on it, this latest threat from Persia shouldn’t hold much weight.
CAIRO (AP) – Iran warned Gulf Arab oil producers against boosting production to offset any potential drop in Tehran’s crude exports in the event of an embargo affecting its oil sales, the latest salvo in the dispute between the West and the Islamic Republic over its nuclear program.
The comments by Iran’s OPEC governor, published Sunday, came as Saudi Arabia’s oil minister was quoted the same day denying that his country’s earlier pledges to boost output as needed to meet global demand was linked to a potential siphoning of Iranian crude from the market because of sanctions.
World oil markets have been jolted over concerns that Iran may choke off the vital Strait of Hormuz in retaliation for sanctions hampering its ability to sell its oil. Saudi Arabia and other key Gulf Arab producers have recently said they are ready to provide stable and secure supplies of oil.
Iran’s official news agency IRNA said Sunday that the U.S. has relayed a message to Iran about security in the Strait of Hormuz. It gave no details, and there was no immediate comment from Washington.
Continue reading article: Iran warns Gulf Arabs on oil (My Way News)