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Friday, January 06, 2012

EU Ban on Iranian Oil

There has been much hype and sanctimonious puffing of chests from the EU about its agreement "in principle" to ban imports of oil from Iran.

However, as Paul Stevens economist and emeritus professor at Dundee University in Scotland notes, Greece currently imports 30% of its domestic oil from Iran on favourable terms.

Were Iranian oil imports to be banned, where would Greece get its oil from?

Saudi Arabia?

Maybe, but at an economy busting $150+ per barrel.

As with all EU "plans" this one has not been thought through.

Hence the EU is now talking about sanctions coming into force within a year (rather than immediately).

The sanctions will never happen.

Now repeat after me:

-There was no plan!
-There is no plan!
-There never will be a plan!

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