OPEC's Barkindo Says Impossible To Eliminate Iranian Oil From Market

[rainman + 263]

It is impossible to eliminate Iranian oil from the global market, OPEC Secretary-General Mohammad Barkindo was quoted as saying by Iranian oil ministry’s news agency SHANA on Thursday. “There is no need to repeat it. It is impossible to eliminate Iranian oil from the market,” Barkindo said in a visit to Tehran. The United States has demanded that buyers of Iranian oil stop purchases or face sanctions

[pinto + 293]

Sounds different than we heard these days...

[francoba + 93]

Not really if no one cheats...

[Pavel + 384]

About OPEC- I'm still remembering how they treated the world when they had us all over a barrel...

[damirUSBiH + 327]

Hmmm ... interesting timing for the visit. Barkindo is visiting Iran, the same day that US total sanction on Iranian oil industry comes into force...

[50 shades of black + 254]

With all this mess, it's not strange why oil prices are constantly going higher

[Pavel + 384]

"OPEC tries to depoliticize oil" - Barkindo says in Tehran. 

Before oil,OPEC need to depoliticize OPEC...

[Tom Kirkman + 8,860]

17 minutes ago, francoba said:

Not really if no one cheats...

The link to this local Malaysia blogger will be 404 within 24 hours or so.  I've had lunch with the author, Syed, a few times, and he is an astute observer of local politics and local shenanigans, and is also friends with the current Prime Minister.  Beware that he employs hyperbole to make his points, as much of the local news here tends to be watered-down, censored, disinformation pablum.  All of the highlights, font sizes and font colors are in the original, I just copied & pasted below.

http://syedsoutsidethebox.blogspot.com/2019/04/come-may-2nd-if-us-imposes-sanctions-on.html?m=1

The citing of "Western intelligence officials", Israeli newspaper Haaretz said on Thursday that a deepening alliance between Malaysia and Iran has evaded some of the economic sanctions imposed on it by the United States. In the past, every time Washington has imposed economic sanctions on Iran, it has issued a renewable policy for the number of economies that have historically depended on substantial Iranian energy imports. This is done in order to prevent these economies from entering into a lack of access to sufficient energy supplies. This week, however, US President Donald Trump said that Washington would not renew the winners for these countries, which include Italy, India, Turkey, South Korea and China. 
 

These items are now expected to run out on May 2, 2019, after which date the US has threatened to impose economic sanctions on all countries that have substantial financial dealings with Tehran.

 

Many observers believe that these new sanctions will have a deep and immediate impact on the Iranian economy. But, according to Haaretz, American sanctions are bringing Iran closer to Malaysia. Throughout the past month, says the Israeli newspaper, " atypical numbers" of oil tanks have a sign of trying to move as much as possible out of Iran before the US sanctions hit. Citing "Western intelligence officials", Haaretz claims that Iran plans to continue to fund funds from oil and natural gas sales through Malaysian banks. Much of that assistance, which sources claim will grow in the next month, is facilitated through Petronas, Malaysia's state-owned oil company. As one of the world's largest companies and the most powerful corporate entities in Malaysia, Petronas has immense political power. Much of the country's political elite is connected with Petronas - including the current country Prime Minister, Mahathir Mohamad, who is a senior advisor to the company in the early 2000s. In 2017, Petronas signed an cooperation agreement with the Iranian refineryfacility and announced its intention to develop an emerging oilfield in the Middle Eastern country. Then in late 2018, Petronas officials traveled to Iran to sign a memorandum of mutual cooperation between the Malaysian company and Iran's state-owned energy producer and distributor, the National Iranian Oil Company.

 

Haaretz notes that cultural and political ties between Malaysia and Iran run deep. The Southeast Asian country is one of the best places to visit without first having to obtain a visa . Fails to note, however, that in recent times there have been tensions between the two countries, due to concerns in Kuala Lumpur that Iran is trying to spread a militant version of Islamic Shia in Malaysia. My comments: Maybank, Petronas please write this down in your diary. May 2, 2019, after which the US has threatened to impose economic sanctions on all countries that have substantial financial dealings with Tehran. 

 

The US says they will impose sanction on any country that has financial dealings with Iran. The US will not impose any sanctions on Italy, India, Turkey or South Korea. They will not do anything to irritate China. Plus the Chinese do not care. But what if they cut off that Malaysian banks from the international money remittance networks? Just as an example. We're dead. What if they freeze some of Petronas' US Dollar accounts with American banks? Mampus Petronas. And all this for what? For a few Ringgit reckless profit? For some foolish ego? Don't be stupid.
 

[rainman + 263]

4 minutes ago, Pavel said:

"OPEC tries to depoliticize oil" - Barkindo says in Tehran. 

Before oil,OPEC need to depoliticize OPEC...

I agree. Everything in the world is mixed with politics, I don't see how one can separate anything... so, empty words..