Oil Below $80 thw Best Weapon Against Iran
By Micah Halpern
Tuesday June 26, 2012
I've Been Thinking:
Oil closed below $80 per barrel yesterday. That is great news for proponents of sanctions and pressure against Iran. In February, oil was $110 a barrel.
As of July 1st the European Union will implement a total ban on Iranian oil.
Earlier this year Iran was producing 3.5 million barrels per day.
Since the pressure began building, that number has fallen to 3.1 million.
It is doubtful that Iranian oil production will fall much below this. Until now, as one country shifted its oil supply away from Iran, another shifted to Iran in an almost seamless transition. China and Japan alone account for 20% of Iran's oil and if anything - they both need and want more.
Iran has been preparing for this day.
The Europeans might shut their valves but the valves of China and Japan are open wide. Indian and South Korea have received exemptions from the United States allowing them to import Iranian oil - and that is exactly what they are planning to do.
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