Thursday, May 17, 2018

The EU Caving to US Edicts Begins: Total and Maersk Out/Iranian Oil Off the Market

 In case you missed...US To Turn Heat Up on EU as Trump Admin. Hits Iran Central Banker with "Terror" Sanctions

Expect the European nations to cave. All they’ve done since WW2 is cut off their noses to spite their own stupid faces-
Bolton made very clear that the US had ways of making the EU comply.
 
And voila! 
 
Link
The energy giant Total and the world's largest container shipping company A.P. Moller-Maersk announced that they would both pull out of Iran claiming that future US sanctions would make business there impossible.
These decisions came after US President Donald Trump decided to pull the US out of the Iran nuclear deal on 8 May, which will result in sanctions being reimposed on Iran that will decrease production output of for example oil and gas.
France-based energy company Total said it will abandon its gas development project in Iran, South Pars 11 (SP11) which it joined in July 2017, over fears of the impact of US sanctions about to be imposed on the country.
The company said in a statement: “Total will not be in a position to continue the SP11 project and will have to unwind all related operations before 4 November 2018 unless Total is granted a specific project waiver by the US authorities.”

Maersk said that the increasing oil prices and high geopolitical tension could negatively affect profitability and that it was impossible for any company which has dealings with the US to stay in Iran. Its share price was down almost 11 per cent at 1pm.
Soeren Skou, chief executive of Maersk, told Reuters: “With the sanctions the Americans are to impose, you can't do business in Iran if you also have business in the US, and we have that on a large scale.”

“I don't know the exact timing details, but I am certain that we're also going to shut down (in Iran),” he said.

Total has found itself in the same position as US shareholders make up more than 30 per cent of the shareholding and its US-based operations accounts for $10bn (£7.4) of its revenue.

French president Emmanuel Macron called upon the EU to protect the EU companies that has business in Iran under US sanctions.“International companies with interests in many countries make their own choices according to their own interests. They should continue to have this freedom.”
The hole left in the market by the missing Iranian barrels is causing the price jump (Source: Getty)
Bang bang John Bolton's Hammer Goes

Also Read: Oil prices surge to new high as 2m Iranian barrels go off the market

After the plans for the US to pull out of the Iran nuclear deal became known, oil prices surged over the uncertainty of what would happen to Iran's oil industry if the US reimposed sanctions, limiting Iran's production.

According to chief executive at Sun Global Investment Mihir Kapadia, so far 2m barrels of oil previously produced by Iran has been taken off the market.

The Organisation of the Petroleum Exporting Countries (Opec), has not restricted the number of barrels available but has not made up for the loss of barrels from Iran.

16 comments:

  1. Oil. Why is oil so important? Is it cars? What else? I just don't know. Are humans really sucking up the oil so that Usrael has to get it all so they can make all the money? I'm confused, or maybe just uneducated. Hard to say. But aren't we all supposed to be scared of global warming that's supposed to be caused by oil? Or is it methane from cows that causes it? Or is it cutting down all the trees in the rainforest that causes it?

    No worries, anyway. California is starting to paint their roads with white paint! It's gonna be okay!

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    1. Oh right, and plastics. Isn't that right?

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    2. Originally, it was the writings of Mahan and Mackinder on Naval power and geopolitics, combined with the final conclusion of the USS Maine inquiry that the explosion that destroyed it in Havana Harbor was most likely from a spontaneous fire in the coal bunker that overheated and ignited the ammo in the adjacent ammo bunker. Thus leading all of the major and wanna-be naval powers to race for control of oil to replace the more dangerous and harder to handle coal as fuel for their battle fleets.

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    3. Nothing better than oil to move ships, planes and tanks around. Oil is the enabler of military power. Both World Wars were already decided by oil.

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    4. This comment has been removed by the author.

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    5. take 2:
      It's funny aka strange to me that most, but not all people, fail to consider the importance of oil in war making- this is one of many issues that I take exception too regarding the AGW claims- war making is never addressed... by the cult adherents

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  2. Please don't get me started on pharmaceuticals. Ouch.

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  3. Not so sure about the caving EU: https://www.german-foreign-policy.com/news/detail/7611/
    cf. "Blocking Statute" and new russian countermeasures aka draft bill...
    have a seat and get enough popcorn :)

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    1. hey anonymous: I had hoped that none of the EU nations would go along with the US- that they'd stand together as a bloc and do their own business..
      this recent news is not leaving me optimistic :(
      thanks for the link

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  4. I’m not sure these actions are representative of what Europe will do.
    Maersk (Mærsk) is a Danish shipping giant. They are extremely pro-US, it’s longtime leader mærsk mc-kinney møller (d. 2012) used to bragg about how Maersk would ship military equipment for the US military around the world, they also assisted in running guns to “Syrian rebels” he has supported every war the US has ever been involved in.
    He used to function as a shadow monarch here in Denmark. I’m Danish so I know this company were well.

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    1. hey resceu:

      "I’m not sure these actions are representative of what Europe will do"

      I sure hope these moves aren't!
      Didn't know that about Maersk? Thanks!

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    2. Drugs on Maersk ship where 2 ex-SEALs died
      http://www.sandiegouniontribune.com/sdut-navy-man-who-died-on-ship-off-africa-an-ex-seal-2014feb20-story.html

      https://en.wikipedia.org/wiki/Maersk_Alabama_hijacking

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  5. I'm sure I read that the deal with Total included a clause that if they leave China will take over the S.Pars project. Likewise COSCO will surely happily replace Maersk. Trump doing a great job fracturing the west and wrecking it. Nowadays we care less and less what the USA does though they do have massive power to wreck things, blow people up and look utterly nasty and quite ridiculous. That's about it though.

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    Replies
    1. https://www.zerohedge.com/news/2014-10-20/anti-petrodollar-ceo-french-energy-giant-total-dies-freak-plane-crash-moscow

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  6. https://sputniknews.com/analysis/201805141064451339-russian-israeli-conflict-threat-syria/



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    lots of depot exploding
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    1. thanks for the links anonymous!
      going to play a bit of catch up..

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