Saturday July 2, 2011

I've Been Thinking:

A major diplomatic crisis is developing between Iran and India.

India has not been paying Iran for the oil that they have been receiving from them. The debt is building. India is nearly a year behind in payment.

India imports $12 billion of oil from Iran annually. That is about a half million barrels per day. All total Iran is the second largest oil supplier to India after Saudi Arabia. Iran supplies 12% of Indian oil.

But Iran does not want to be paid in Indian currency. China and Korea pay with import/export exchange ... especially cars. India sells a little green tea, but less than a billion dollars worth. Japan was going to help India by selling them yen. And the UAE was going to sell them dirmas. But these deals proved too expensive for India.

This crisis - which has been building for a year, is now about to explode.

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