Sanctions slash Iranian oil exports

Posted on October 18, 2012

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Some days ago we could read that the EU had placed further sanctions on Iran due to concerns that Iran’s nuclear energy programme could lead to that nation acquiring nuclear weapons. The White House has also given its support to the sanctions.

Oil sales are Iran’s largest source of export income and one can now see clear effects from the earlier-imposed sanctions. Here is an excerpt from PennEnergy (https://webmail.uu.se/horde3b/index.php):

“Ongoing sanctions against Iran are taking an unexpectedly dramatic toll on oil exports from the struggling Middle Eastern nation, according to Reuters. New data released by the International Energy Agency estimated Iran’s oil exports at around 860,000 barrels per day in September. That marks a more than 60 percent decline from the end of last year and knocks the country down several places among the ranks of the world’s oil exporters.

“ “We had expected compliance to erode slightly at the margin – some of the participants were trying to evade constraints on shipping – but we haven’t seen any evidence of that yet,” Antoine Halff, the head of the agency’s Oil Industry and Markets Division, told Reuters.

“Iran has attempted to work through the sanctions, which among other facets prevent European insurers from covering oil tankers transporting Iranian crude, by offering to cover its own oil tankers to deliver to customers.

“However, Reuters reports that the sanctions have already had a sharp impact with the first company losing its coverage over potential breaches of the sanctions.”

The problem with nuclear energy in Iran is not the use of a reactor itself but, instead, that Iran wants to develop its own reactor fuel. Recently it became known that Saudi Arabia is planning to build a large number of nuclear reactors. As I understand it, they do not plan to make their own fuel so we will see what the reaction is to Saudi Arabia’s intention. After my recent visit to Abu Dhabi I have no doubt that that region of the world needs far greater electricity generation capacity.

 

(In Swedish below)

Vi kunde för någon dag sedan läsa att EU infört  ytterligare sanktioner mot Iran på grund av oron kring Irans atomenergiprogram som skulle kunna leda till att ge landet kärnvapen. Vita huset har också gett sitt stöd till sanktionerna.

Försäljning av olja är Irans största inkomstkälla och vad det gäller effekterna av de tidigare sanktionerna ser man nu tydliga effekter.  Här är ett klipp från PennEnergy (https://webmail.uu.se/horde3b/index.php):

Ongoing sanctions against Iran are taking an unexpectedly dramatic toll on oil exports from the struggling Middle Eastern nation, according to Reuters. New data released by the International Energy Agency estimated Iran’s oil exports at around 860,000 barrels per day in September. That marks a more than 60 percent decline from the end of last year and knocks the country down several places among the ranks of the world’s oil exporters.

“We had expected compliance to erode slightly at the margin – some of the participants were trying to evade constraints on shipping – but we haven’t seen any evidence of that yet,” Antoine Halff, the head of the agency’s Oil Industry and Markets Division, told Reuters.

Iran has attempted to work through the sanctions, which among other facets prevent European insurers from covering oil tankers transporting Iranian crude, by offering to cover its own oil tankers to deliver to customers.

However, Reuters reports that the sanctions have already had a sharp impact with the first company losing its coverage over potential breaches of the sanctions.

Problemet vad det gäller kärnkraft i Iran är inte skälva reaktor driften utan att man vill utveckla sitt eget bränsle till reaktorn. Nyligen framkom det att Saudiarabien planerar att bygga ett stort antal kärnreaktorer. Vad jag förstår planerar man inte att göra eget bränsle så vi får se hur den diskussionen blir. Efter ett nyligen genomfört besök i Abu Dhabi är det ingen tvekan om att området behöver ofantligt mycket mer elkapacitet et.

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