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Author Topic: Oil cartel backs Iran in face of looming US sanctions  (Read 1062 times)

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Offline thackney

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Oil cartel backs Iran in face of looming US sanctions
« on: September 20, 2018, 05:52:20 pm »
Oil cartel backs Iran in face of looming US sanctions
https://www.timesofisrael.com/oil-cartel-backs-iran-in-face-of-looming-us-sanctions/
18 September 2018

The head of OPEC said Tuesday that the oil cartel must stick together for the good of the global economy as Iran faces renewed US sanctions.

“Iran is not only a founding member of OPEC, it’s a very important member of this organization,” OPEC Secretary-General Mohammed Sanusi Barkindo said....

...He didn’t address how the global oil industry immediately can replace Iranian crude supplies in an already-tight market.

US President Donald Trump has repeatedly urged the cartel to raise its production and said that other countries must stop buying oil from Iran or face US sanctions.

Output from Iran has hit its lowest level since July 2016 as top buyers India and China distance themselves from Tehran due to looming US sanctions on November 5, according to the International Energy Agency....
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Offline Bigun

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #1 on: September 20, 2018, 05:57:51 pm »
OPEC is now virtually powerless.
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Offline To-Whose-Benefit?

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #2 on: September 20, 2018, 06:44:54 pm »
Quote from: Bigun on September 20, 2018, 05:57:51 pm
OPEC is now virtually powerless.


Funny how all it took was a President willing to put his foot down, after all the 'Diplomacy' did nothing but feed global terrorism.
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Offline Wingnut

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #3 on: September 20, 2018, 07:46:55 pm »
We have come a long way from the bad old days of the OPEC oil embargo's of the 1970's.  We have very long memories.
Suck it OPEC.  We are America, bitches!
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Offline thackney

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #4 on: September 20, 2018, 08:23:43 pm »
Quote from: The Ghost on September 20, 2018, 07:46:55 pm
We have come a long way from the bad old days of the OPEC oil embargo's of the 1970's....

We import about the same amount of oil and refined product today from OPEC as we did at the start of the OPEC embargo 1973.

U.S. Imports from OPEC Countries of Crude Oil and Petroleum Products
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMXX2&f=M
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Offline Wingnut

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #5 on: September 20, 2018, 08:42:06 pm »
Quote from: thackney on September 20, 2018, 08:23:43 pm
We import about the same amount of oil and refined product today from OPEC as we did at the start of the OPEC embargo 1973.

U.S. Imports from OPEC Countries of Crude Oil and Petroleum Products
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMXX2&f=M

So what?   You want to post something of interest   Post something telling us why we are not as dependent on those camel riding goat eff'ers if they tried to cut of the supply today.
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Offline thackney

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #6 on: September 20, 2018, 08:57:17 pm »
Quote from: The Ghost on September 20, 2018, 08:42:06 pm
So what?   You want to post something of interest   Post something telling us why we are not as dependent on those camel riding goat eff'ers if they tried to cut of the supply today.

In 1973, OPEC imports equaled 33% of the US oil production.

Last year, OPEC imports equaled 36% of the US oil production.

U.S. Field Production of Crude Oil
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=A

U.S. Imports from OPEC Countries of Crude Oil and Petroleum Products
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMXX2&f=A
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Offline Wingnut

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #7 on: September 20, 2018, 09:04:00 pm »
Quote from: thackney on September 20, 2018, 08:57:17 pm
In 1973, OPEC imports equaled 33% of the US oil production.

Last year, OPEC imports equaled 36% of the US oil production.

U.S. Field Production of Crude Oil
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=A

U.S. Imports from OPEC Countries of Crude Oil and Petroleum Products
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMXX2&f=A

And...this means what.  We are less dependent on Opec today?
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Offline Absalom

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #8 on: September 20, 2018, 09:48:07 pm »
Hmm......... another urinary contest.
Anyway, Iran moves most of it's oil by sea rather
than pipeline making the Strait of Hormuz a vital
choke point that can be easily closed by Submarines.
At its narrowest point, the Strait is 20 miles across.
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Offline InHeavenThereIsNoBeer

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #9 on: September 20, 2018, 10:08:41 pm »
Quote from: thackney on September 20, 2018, 08:57:17 pm
In 1973, OPEC imports equaled 33% of the US oil production.

Last year, OPEC imports equaled 36% of the US oil production.

U.S. Field Production of Crude Oil
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=A

U.S. Imports from OPEC Countries of Crude Oil and Petroleum Products
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMXX2&f=A

That's interesting.

In absolute terms, we import about as much as we did.  But then our population is 50% higher now, so on a per capita basis our imports have dropped 33%.  But our import to domestic production ratio is basically unchanged.  So, either we're using less oil per capita, some of those imports are for us to process and export as finished product, or something else I'm missing.
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Offline thackney

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #10 on: September 21, 2018, 01:10:52 am »
Quote from: InHeavenThereIsNoBeer on September 20, 2018, 10:08:41 pm
That's interesting.

In absolute terms, we import about as much as we did.  But then our population is 50% higher now, so on a per capita basis our imports have dropped 33%.  But our import to domestic production ratio is basically unchanged.  So, either we're using less oil per capita, some of those imports are for us to process and export as finished product, or something else I'm missing.

using less oil per capita
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Offline thackney

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #11 on: September 21, 2018, 01:13:24 am »
Quote from: The Ghost on September 20, 2018, 09:04:00 pm
And...this means what.  We are less dependent on Opec today?

If you think 36% is less than 33%, more power to you.

God Bless
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Online corbe

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Re: Oil cartel backs Iran in face of looming US sanctions
« Reply #12 on: September 21, 2018, 01:22:25 am »
   This tells me that the House of Saud has realized that Trump was blowing $hit up their skirt all along.
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