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Iran Oil Sanctions Starting Risks Biggest OPEC Loss Since Libya

Bloomberg -- European Union sanctions on Iran entered into full force today after exemptions on some contracts and insurance ended, boosting crude prices and pressure on the Persian Gulf nation to halt its nuclear-enrichment program.

The reduction in Iranian exports may become the biggest supply disruption from a member of the Organization of Petroleum Exporting Countries since an armed rebellion all but halted pumping in Libya last year, according to the International Energy Agency. It also comes just as a strike by Norwegian workers is curbing flows from North Sea fields.

“We expect Brent oil prices to be supported by Iranian oil sanctions and potential loss of supplies from the North Sea,” Gordon Kwan, the head of regional energy research at Mirae Asset Securities based in Hong Kong, said in a

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Submitted Jul 01, 2012 By: angel4me

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SparkieMi Champion Author Kalamazoo Posts:3,400 Points:615,595 Joined:Sep 2011	Message Posted: Jul 1, 2012 11:17:38 PM Ignore SparkieMi Report Abuse Time will tell!!!!
judgemobile Champion Author Ohio Posts:7,705 Points:2,472,635 Joined:Nov 2005	Message Posted: Jul 1, 2012 11:17:13 PM Ignore judgemobile Report Abuse SO...is that why energy prices went way up at wholesale on Friday, June 29th ?
BobD2009 Champion Author Long Island Posts:7,129 Points:1,267,485 Joined:Apr 2009	Message Posted: Jul 1, 2012 11:16:08 PM Ignore BobD2009 Report Abuse Iran enjoys being a pest.
TBONE3 Champion Author Pennsylvania Posts:8,881 Points:2,004,125 Joined:Mar 2005	Message Posted: Jul 1, 2012 11:16:06 PM Ignore TBONE3 Report Abuse What goes around, comes around. poor opec!
Prodaddy Champion Author Houston Posts:8,516 Points:1,922,785 Joined:May 2007	Message Posted: Jul 1, 2012 11:15:43 PM Ignore Prodaddy Report Abuse Lets wait & see what happens
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Jul 1, 2012 11:15:42 PM Ignore tedjm1 Report Abuse There will likely be black market for Iranian oil.
boatfloyd Champion Author Jacksonville Posts:1,858 Points:415,675 Joined:Mar 2012	Message Posted: Jul 1, 2012 11:14:49 PM Ignore boatfloyd Report Abuse Fun and games in the international world.
crreed1 Champion Author West Virginia Posts:2,100 Points:2,550,715 Joined:May 2005	Message Posted: Jul 1, 2012 11:14:14 PM Ignore crreed1 Report Abuse all old news tonight
jkpsr Champion Author New Jersey Posts:4,207 Points:1,127,915 Joined:Jun 2005	Message Posted: Jul 1, 2012 11:13:31 PM Ignore jkpsr Report Abuse I would worry more about the Norwegian strike.
srchr Champion Author San Jose Posts:7,391 Points:1,647,525 Joined:Apr 2008	Message Posted: Jul 1, 2012 11:10:37 PM Ignore srchr Report Abuse up up and away
blazerbob91 Champion Author Milwaukee Posts:6,285 Points:1,910,995 Joined:Aug 2005	Message Posted: Jul 1, 2012 11:10:29 PM Ignore blazerbob91 Report Abuse Quick raise prices
joel27nc Champion Author Raleigh Posts:10,677 Points:1,886,070 Joined:Mar 2008	Message Posted: Jul 1, 2012 11:09:44 PM Ignore joel27nc Report Abuse They brought it to themselves.
thuathienhue Champion Author Michigan Posts:3,584 Points:659,915 Joined:Jul 2011	Message Posted: Jul 1, 2012 11:08:56 PM Ignore thuathienhue Report Abuse Old buiness.
fullauto Champion Author Reading Posts:5,430 Points:1,493,915 Joined:Apr 2008	Message Posted: Jul 1, 2012 11:08:09 PM Ignore fullauto Report Abuse tough
jetskijerry Champion Author North Carolina Posts:4,036 Points:799,970 Joined:Mar 2011	Message Posted: Jul 1, 2012 11:05:39 PM Ignore jetskijerry Report Abuse They raise it when they have the chance.
omega_jeff Veteran Author Oakland Posts:436 Points:261,560 Joined:Jun 2012	Message Posted: Jul 1, 2012 11:05:39 PM Ignore omega_jeff Report Abuse Price fixers...
TheeRedRam Champion Author Hartford Posts:3,303 Points:700,335 Joined:Jun 2011	Message Posted: Jul 1, 2012 11:04:15 PM Ignore TheeRedRam Report Abuse Hummmmm!!!!!
FunMyster All-Star Author Indiana Posts:909 Points:73,480 Joined:Jul 2011	Message Posted: Jul 1, 2012 4:45:56 PM Ignore FunMyster Report Abuse Expect prices to go up Monday.
snappytom2 Champion Author Corpus Christi Posts:3,639 Points:279,280 Joined:Jul 2008	Message Posted: Jul 1, 2012 2:01:31 PM Ignore snappytom2 Report Abuse Consume it all up before someone else gets it.
Cheepo Champion Author Tampa Posts:9,994 Points:3,148,880 Joined:Apr 2003	Message Posted: Jul 1, 2012 1:40:53 PM Ignore Cheepo Report Abuse Lets drill here and now !!!!!!!!!!!!!!!!
Night Owl Champion Author Toronto Posts:7,690 Points:1,814,900 Joined:Jul 2004	Message Posted: Jul 1, 2012 11:54:55 AM Ignore Night Owl Report Abuse Let's see what the Iranian crybabies do now.
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Jul 1, 2012 11:45:33 AM Ignore Agarre Report Abuse Okie
2granny Champion Author Michigan Posts:9,715 Points:1,493,955 Joined:Apr 2009	Message Posted: Jul 1, 2012 11:41:56 AM Ignore 2granny Report Abuse One more excuse to raise gas prices.
mageetp Champion Author British Columbia Posts:3,350 Points:654,410 Joined:Aug 2011	Message Posted: Jul 1, 2012 11:26:14 AM Ignore mageetp Report Abuse Hope things work out for everyone involved in this mess.
commins Champion Author Riverside Posts:2,119 Points:1,079,170 Joined:Feb 2009	Message Posted: Jul 1, 2012 11:25:16 AM Ignore commins Report Abuse Say it isn't so!
rjojo40AL All-Star Author Alabama Posts:919 Points:136,100 Joined:Oct 2010	Message Posted: Jul 1, 2012 11:22:02 AM Ignore rjojo40AL Report Abuse no way
fightbigoil71 Champion Author Milwaukee Posts:7,702 Points:1,573,355 Joined:Nov 2008	Message Posted: Jul 1, 2012 11:12:39 AM Ignore fightbigoil71 Report Abuse Let's keep an eye on this developing story
5Golfer8 Champion Author Tucson Posts:2,263 Points:326,925 Joined:Jun 2011	Message Posted: Jul 1, 2012 11:12:12 AM Ignore 5Golfer8 Report Abuse Any excuse to keep prices high.
Mowerman08 Champion Author Milwaukee Posts:4,883 Points:1,244,230 Joined:Aug 2008	Message Posted: Jul 1, 2012 11:06:46 AM Ignore Mowerman08 Report Abuse The US gave exemptions to all the big users, so it won't be that big a deal.
CheckitoutGuy Champion Author San Diego Posts:1,311 Points:772,890 Joined:Mar 2008	Message Posted: Jul 1, 2012 11:06:06 AM Ignore CheckitoutGuy Report Abuse Got no idea of what the oil market will do - but I'm not alone - haven't found anybody that does.
FrankTA2 Champion Author New York Posts:4,407 Points:1,121,690 Joined:Jun 2007	Message Posted: Jul 1, 2012 11:05:59 AM Ignore FrankTA2 Report Abuse Excellent!!!
GasFreeLeaf Champion Author Orange County Posts:1,262 Points:484,575 Joined:Oct 2010	Message Posted: Jul 1, 2012 11:04:35 AM Ignore GasFreeLeaf Report Abuse Norwegian workers strike is curbing flows from North Sea fields. After working the platforms during the extreme weather seasons, I hope they enjoy the break.
minnesotagirl Champion Author Milwaukee Posts:6,002 Points:1,259,270 Joined:Oct 2009	Message Posted: Jul 1, 2012 11:03:13 AM Ignore minnesotagirl Report Abuse We'll see
BlueVanGroup Champion Author Colorado Posts:7,346 Points:1,556,095 Joined:May 2008	Message Posted: Jul 1, 2012 11:02:47 AM Ignore BlueVanGroup Report Abuse Iran is building pipelines so it can still sell oil to China and India without dependence on the Strait of Hormuz.
TRAIN RIDER Champion Author San Bernardino Posts:9,222 Points:2,785,520 Joined:Oct 2004	Message Posted: Jul 1, 2012 11:02:30 AM Ignore TRAIN RIDER Report Abuse Everything needs to be done to stop them from making bombs.
jodybull All-Star Author El Paso Posts:767 Points:140,880 Joined:May 2012	Message Posted: Jul 1, 2012 11:01:46 AM Ignore jodybull Report Abuse Iran = the government of Iran, and yes--who cares! Nobody should. The 90% of their populace is not represented by that terrorist/religious/fanatic regime. U.S. = the government of the U.S., and yes--who cares! Nobody should. The 90% of our populace is not represented by our self-serving, superiorist, better-than-thou, non-Constitutional oligarchy. When has "Iran" ever told the truth about anything? When has the "U.S." ever told the truth about anything?
Valricoslash Champion Author Tampa Posts:6,836 Points:1,380,925 Joined:Nov 2008	Message Posted: Jul 1, 2012 11:01:05 AM Ignore Valricoslash Report Abuse Precisely why we need to pump our own as much as possible and consider natural gas for powering our vehicles.
briinnc Champion Author North Carolina Posts:2,705 Points:834,820 Joined:Jan 2010	Message Posted: Jul 1, 2012 10:59:56 AM Ignore briinnc Report Abuse We don't need their oil anywhere in the world, but they need the money to support their radical regime. Eat dirt.
mickealo Champion Author Spokane Posts:6,302 Points:2,172,135 Joined:Oct 2006	Message Posted: Jul 1, 2012 10:59:49 AM Ignore mickealo Report Abuse we should be using our own oil not selling it to china and working with our neigbors to keep it flowing from all of us here in North America so we would no longer be controled by middle east
OKRifle Champion Author Oklahoma City Posts:10,582 Points:1,837,985 Joined:Oct 2007	Message Posted: Jul 1, 2012 10:59:16 AM Ignore OKRifle Report Abuse I second that!
kuma2000 Champion Author Honolulu Posts:3,363 Points:701,850 Joined:Jun 2011	Message Posted: Jul 1, 2012 10:57:32 AM Ignore kuma2000 Report Abuse nuke them
peapaw Champion Author Ohio Posts:4,185 Points:716,470 Joined:Jun 2011	Message Posted: Jul 1, 2012 10:54:13 AM Ignore peapaw Report Abuse Who cares about Iran?
BeatOPEC All-Star Author Indianapolis Posts:870 Points:200,345 Joined:Apr 2011	Message Posted: Jul 1, 2012 10:54:03 AM Ignore BeatOPEC Report Abuse I'll pay more at the pump to stop the crazy Iranians.
jlisk1970_us Sophomore Author St. Louis Posts:233 Points:94,930 Joined:Feb 2012	Message Posted: Jul 1, 2012 10:51:53 AM Ignore jlisk1970_us Report Abuse let it happen
a_lu_vasile Champion Author Maryland Posts:1,254 Points:791,650 Joined:Jul 2008	Message Posted: Jul 1, 2012 10:50:37 AM Ignore a_lu_vasile Report Abuse ok
ljmh Champion Author Akron Posts:3,047 Points:551,060 Joined:Feb 2011	Message Posted: Jul 1, 2012 10:49:40 AM Ignore ljmh Report Abuse Yes, let Iran sell to China because it will not take long for the two of them to start some sort of discord.
Grismer Champion Author Kitchener-Waterloo Posts:8,674 Points:1,751,745 Joined:Apr 2008	Message Posted: Jul 1, 2012 10:49:12 AM Ignore Grismer Report Abuse Fortuneatly, lowered global oil demand should keep oil price increase to a minimum.
dynamouse Champion Author Michigan Posts:4,584 Points:1,764,875 Joined:Dec 2006	Message Posted: Jul 1, 2012 10:47:43 AM Ignore dynamouse Report Abuse Ok.remember obama wants gas at $5-6 a gal hes the one that stopped the pipe line wasted all of our tax money on green technology
autohio Champion Author Ohio Posts:3,874 Points:845,255 Joined:Jan 2011	Message Posted: Jul 1, 2012 10:45:35 AM Ignore autohio Report Abuse Here we go
FocusST2 Champion Author North Carolina Posts:8,283 Points:1,406,625 Joined:Jul 2009	Message Posted: Jul 1, 2012 10:44:23 AM Ignore FocusST2 Report Abuse Wow, here comes the attempt to bring fear back and bring on higher oil prices. BTW how much oil does the US import from Iran? None or next to none.....Here's a concept let China import from Iran, drain it dry, while the rest of the world goes on with reasonable oil prices.