Tuesday, 22 November 2011 00:00

Circumventing Iran's Crude Oil

Yesterday, the US, UK and Canada announced the imposing of new sanctions against Iran. This political pressure on Iran's oil exports and finances has the declared goal to make its leaders stop enriching uranium in their quest for developing nuclear military capabilities.

The response of the Iranian Oil Minister, Rostan Qhasemi mentioned in an interview with Al Jazeera that "We don't consider crude oil as a political tool, however if necessary, we'll use it as a tool anyway we need to." 

If you think with your own head, you've already figured out that this is a dialog between deaf parties, that the West can always impose a new set of political sanctions against Iran, that Iran will do its best to break them and unabatedly to continue his own regional ambitions. Sure, the hiking tensions between Israel and Iran are worthy of our attention but they shouldn't be abused on the crude oil markets, the way they usually are.

Take a look at the old news about the Bakken fields in the USA, about the Keystone XL extension, about the Argentina new crude deposits, or the North Sea oil fields, about so numerous oil sources in the Western hemisphere. It's amazing how the US keeps importing oil from the most politically volatile region of the world (the Middle East) while having the potential to be an oil exporter itself. Just think how hilarious would be for Russia to import oil and natural gas.

Sure, maybe the traders won't intermediate so well if panics will stop plaguing the energy resources markets. Plus the oil prices will have to drastically fall if domestic deposits are to be exploited at the right capacities. Less financial security and less freedom of movement to the American citizen, this is the price we pay for the tiny oil imports from the Middle East. It's also knowed as the panix factor.    

Share on Myspace