The Iran Oil Embargo Epitomizes The Transfer Of Power From West To East

"Does Thursday's announcement that the EU is considering to ban oil imports from Iran epitomise the draining of power from west to east? The big winners here will be China and India, who do not fear rising Iranian influence and who will gladly soak up any additional oil exports they may have to offer. However, ending this small dependency upon Iranian oil imports in Europe (Figure 2) does clear the way for military action without the need to ponder the immediate consequences on oil imports..."

Image: The Oil Drum

Figure 1 Iran displays export land traits where growing domestic consumption is eating into the oil available for export that has been declining slowly since 2003. Data from BP. Y-axis is barrels per day (1000s). Balance = production less consumption which is a proxy for net exports. Production = crude+condensate+NGL whilst consumption may include refinery "gains" and bio-fuel. In many countries there is also an active two-way trade in crude and refined products.


at http://www.businessinsider.com/conflict-between-iran-winners-china-and-india-2011-12?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+clusterstock+%28ClusterStock%29#ixzz1fsRSOC9R