Iran Set to Turn Off Oil Supply to Europe: Revenge for EU Sanctions -- Spiegel Online
The European Union embargo on Iranian oil will only come into effect in six months, but the leadership in Tehran wants to act first: Exports to Europe are set to be halted immediately. It is a move which could mean added difficulties for struggling economies in southern Europe.
It's a move which has tit-for-tat written all over it, but one which could nonetheless have a serious impact: The Iranian government wants to present a bill to parliament this weekend calling for an immediate halt to oil deliveries to Europe. The move, with most reports citing the Iranian news agency Mehr, has come about in response to the EU agreement to impose sanctions against Iran, which were announced earlier this week.
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My Comment: If Iran gos through with cutting off oil shipments, I expect to see a rise in prices, other OPEC countries like Saudi Arabia stepping in to fill the need, and Iran facing a budgetary and fiscal crisis. In short .... everyone is about to lose, the question is .... who will be losing the most.
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