Sanctions only hurting EU, Iran cashing in on exemptions

[Letsbereal]

OPEC June oil production down as Iran falters
2 July 2012, by James Herron - London (MarketWatch)
http://www.marketwatch.com/story/opec-june-oil-production-down-as-iran-falters-2012-07-02

Oil production from the Organization of Petroleum Exporting Countries fell for the second month in a row in June, largely due to a fall in output in Iran, according to a Dow Jones Newswires survey.

Crude oil production from the group averaged 31.60 million barrels a day in June, down 52,000 barrels a day from 31.65 million barrels a day in May, according to the Dow Jones survey of industry sources and analysts.

The largest drop in production of 150,000 barrels a day came from Iran, which was subject to tightening sanctions against its oil exports through the month of June, culminating in a total European Union embargo on Iranian crude that came into effect from July 1.

June and July will be the worst months for Iranian oil production, said Samuel Ciszuk, an analyst at consultancy KBC Energy Economics.

"Many clients who were continuing to buy Iranian crude stopped doing it," ahead of the July 1 deadline, he said.

Iranian production has already fallen by 700,000 barrels a day since January.

The total loss could hit 1 million barrels a day by October, Mr. Ciszuk said.

There was no sign that OPEC's largest member, Saudi Arabia, was heeding calls to cut production made by other countries at the group's meeting in Vienna last month.

It continued to pump at around a 30-year high of 10.05 million barrels a day.

One of the fastest growing OPEC producers, Iraq, appeared to have hit a period of relatively stable production just below 3 million barrels a day.

"With the shut down of Kurdistan regional exports and the planned shut down of the Majnoon field for maintenance, we do not see Iraqi production increasing any time soon," said consultancy JBC Energy in a research note.

(in millions of barrels a day)

[Letsbereal]

‘Sanctions only hurting EU, Iran cashing in on exemptions’ http://www.youtube.com/watch?v=eg-Q2_RvUHs

The EU embargo of Iranian oil is now in place, along with fresh U.S. sanctions against countries dealing with Tehran.

The measures are aimed at pressurizing Iran to curb its nuclear programme.

The Islamic Republic says however that it’s been stockpiling money as a buffer and that selling oil remains no problem – thanks to America exempting some countries from penalties – including China and Singapore.

Author and journalist Afshin Rattansi says the sanctions are unlikely to have the desired effect.

[Letsbereal]

Iran will be sable rattling now helped by the Zionists which will bring oil up and in fact already has.

Crude Spikes On News Iran Lawmakers Propose Straits Of Hormuz Blockade For Sanctions Countries
2 July 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/crude-spikes-news-iran-lawmakers-propose-hormuz-blockade-sanction-countries

Excerpt:

What goes down, must come up.

In this case crude, which is soaring on news out of FARS that Iranian lawmakers have drafted a bill proposing a blockade of the Straits of Hormuz for oil tankers heading to sanctions supporters, i.e., embargo countries.

[TahoeBlue]

http://www.rt.com/news/iran-bill-hormuz-strait-218/
Iran lawmakers prepare to close Hormuz Strait
Published: 02 July, 2012, 18:26

Iranian lawmakers have drafted a bill that would close the Strait of Hormuz for oil tankers heading to countries supporting current economic sanctions against the Islamic Republic.

­"There is a bill prepared in the National Security and Foreign Policy committee of Parliament that stresses the blocking of oil tanker traffic carrying oil to countries that have sanctioned Iran," Iranian MP Ibrahim Agha-Mohammadi told reporters.

"This bill has been developed as an answer to the European Union's oil sanctions against the Islamic Republic of Iran."

Agha-Mohammadi said that 100 of Tehran's 290 members of parliament had signed the bill as of Sunday.

Iran's threats to block the waterway through which about 17 million barrels a day sailed in 2011 have grown in the past year as US and European sanctions aimed at starving Tehran of funds for its nuclear programme have tightened.

The Strait of Hormuz is a vital shipping route through which most of the crude exported from Saudi Arabia, the United Arab Emirates, Kuwait and Iraq and nearly all the gas exported from Qatar sails.

An EU ban on Iranian oil imports came into effect on Sunday.
...

[ Interesting Past forboding  and notice that Oil has been dropping with the global economy - just in time panic... ]

http://www.rt.com/news/iran-close-strait-hormuz-embargo-455/
Iran 'definitely' closing Strait of Hormuz over EU oil embargo
Published: 23 January, 2012, 16:07

Tensions in the Gulf could reach a breaking point as a senior Iranian official said Iran would “definitely” close the Strait of Hormuz if an EU oil embargo disrupted the export of crude oil.
...

http://www.bloomberg.com/news/2012-01-08/iran-able-to-block-strait-of-hormuz-general-dempsey-tells-cbs.html
Iran Able to Block Strait of Hormuz, General Dempsey Says on CBS
 By Kathleen Hunter and Viola Gienger - Jan 8, 2012 9:00 PM PT

Iran has the ability to block the Strait of Hormuz “for a period of time,” and the U.S. would take action to reopen it, Joint Chiefs of Staff chairman General Martin Dempsey said.

“They’ve invested in capabilities that could, in fact, for a period of time block the Strait of Hormuz,” Dempsey said in an interview aired yesterday on the CBS “Face the Nation” program. “We’ve invested in capabilities to ensure that if that happens, we can defeat that
...

http://abcnews.go.com/blogs/headlines/2012/02/u-s-carrier-crew-makes-way-through-strait-of-hormuz/
Feb 14, 2012 8:57pm
U.S. Carrier Group Makes Way Through Strait of Hormuz

It was just after dawn when three U.S. warships and a carrier strike group began their long, tense transit through the Strait of Hormuz.
 
The strait has become a pressure point as Iran increases the heat of its rhetoric against the United States because of fresh economic sanctions imposed against it.
 
In December, Iranian officials warned the United States not to return to the Persian Gulf after the carrier USS John Stennis departed.
 
“You want to be always at the max state of readiness to respond to anything,” Capt. Richard McDaniel of the USS Sterett said.

Iran recently threatened to close the Strait of Hormuz, attempting to use its control over the waterway as a trump card in its standoff with the West.
 
One-fifth of the world’s oil supply — 17 million barrels a day in 2011 — passes through the strait, and the United States gets approximately 10 percent of its oil supply — 1.7 million barrels a day — from the strait.
 
Though Iran is not expected to close the strait, analysts still fear that a closure could double the price of oil thereby erasing any prospect of a U.S. economic recovery and plunging the world into a new Great Recession.
...