Economy

xchrom

(108,903 posts)

42. EU bar on Iranian oil now fully enforced

Mon Jul 2, 2012, 08:31 AM

Jul 2012

http://www.irishtimes.com/newspaper/finance/2012/0702/1224319183925.html

AN EU oil embargo on Iran came into full force yesterday after exemptions on some contracts and insurance ended, boosting crude prices and putting 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 Organisation of Petroleum Exporting Countries (Opec) since an armed rebellion all but halted pumping in Libya last year, according to the International Energy Agency.

It also comes 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, head of regional energy research at Mirae Asset Securities based in Hong Kong, said.

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