Industrialized Cyclist Notepad


But there isn’t any

U.S. Secretary of State Hillary Rodham Clinton urged energy-starved India on Monday to reduce its Iranian oil imports to keep up pressure on the Islamic republic to come clean about its nuclear program.

In meetings in the capital, New Delhi, Ms. Clinton was expected to push for India to find alternative sources of oil on the international market.

uhh…

Earlier Monday, she told a town hall meeting in the eastern city of Kolkata that there’s an adequate supply in the market for India to find other suppliers. Ms. Clinton noted India has taken some steps to reduce its imports from Iran but she says the U.S. wants to see more.

“If there weren’t an adequate supply … we would understand, but we believe that there is adequate supply,” she said.

Do they really believe that? Because that is impressively delusional, even for these Champions of Delusion.

Or… Is there really something else going on here? Ah yes — Wal-Mart wants to open in India, and the US is using the threat of sanctions to shoehorn ‘em in.

When asked whether India could get a waiver from the Iran sanctions, Ms. Clinton said it was too early to discuss that possibility.

Ms. Clinton also met Monday with West Bengal Chief Minister Mamata Banerjee, a key partner of India’s ruling coalition who has stymied government efforts to lift restrictions on foreign-owned investments in the country.

Ms. Clinton had a long conversation with Ms. Banerjee about allowing multi-brand retailers, such as Wal-Mart, enter the market, U.S. officials said after the meeting.

Last year, India’s Cabinet had to rescind a decision to open up its market to major foreign retailers after Ms. Banerjee balked at the move, saying it would crush small domestic retailers.

Ah ha. You see how this works.

via Clinton presses India to cut oil imports from Iran – The Globe and Mail.



Iran tankers turn off transponders, but it’s pretty obvious where they’re going

It has long been assumed Iran would sell most of the oil shunned by Europe to China, its long-term strategic and commercial ally. But until now there has been scant proof.

India, however, has been buying oil on Iranian ships on extended credit for several months, industry sources say.

via THE DAILY STAR :: Business :: Middle East :: Iran employs off-radar oil shipping tactics to counter Western sanctions.



The Effect of Iran Sanctions

Closer relations between Iran, India and China; creation of new financial networks to bypass the West. The inability to control Iran through non-military means may make military action more likely.

NEW DELHI, MARCH 28: 

India and China on Wednesday indicated that they will continue to maintain normal relations with Iran, while citing high crude oil prices and energy security concerns.

The Chinese Commerce Minister, Mr Chen Deming, said China respects all the United Nations resolutions.

However, in a veiled reference to the US sanctions on Iran, he added that Beijing is not obliged to follow the domestic rules and regulations of any particular country.

via Business Line : Industry & Economy News : India, China to maintain ties with Iran despite US, EU sanctions.



U.S. exempts 11 countries from Iran sanctions

As South Korea buys more…

In contrast to Japan, South Korea, the world’s fifth-largest oil importer, increased its imports from Iran in 2011 by 20 percent. It’s refiners have signed deals to import a little more crude again from Iran in 2012.

South Africa’s energy minister said last week he hoped to have a plan by the end of May for replacing Iran supplies, which currently make up a quarter of its crude imports.

But reflecting a problem for several countries, Turkey’s energy minister, Taner Yildiz, told reporters on Wednesday the country could not stop buying Iran crude unless alternative oil sources were found.

via U.S. exempts 11 countries from Iran sanctions; China, India exposed – chicagotribune.com.



Daniel Yergin is a shame

Everything Yergin says here is true. He gives the impression of someone who chooses his words carefully. He won a Pulitzer and wrote two giant books about oil. But he somehow always leaves out half the story. Just doesn’t get it or pretends it doesn’t exist.

Yergin is a self-described optimist who believes human ingenuity (and higher prices) will produce as much oil as mankind would ever want or need. Like many of his ilk, he emphasizes various sources of supply that are on the verge of coming on line, and new sources of supply like the Bakken that are adding to existing supply. He mentions “disruptions” in supply, and indeed there are many of those. Disruptions are always on the verge of being restored to their rightful levels, you see. What he and his cornucopian brethren never mention is the ongoing natural depletion of existing giant oil fields. And his predictions never seem to take this depletion into account — which means his predictions (and those of his firm IHS CERA) have been absolutely laughable. I mean, they will make you lol those old predictions. The existing world of oil makes a lot more sense if you take into account the phenomenon of depletion; unfortunately the future looks a lot more bleak.

“Pulitzer Prize-winning Daniel Yergin” gets trotted out repeatedly, because his blind spot on depletion is quite useful to the contingent that thrives on the false belief that excessive regulation is throttling production in the US. And there is oh so much cash behind that fakery. Yergin’s paycheck depends on his not acknowledging depletion. The whole circus is really quite shameful, isn’t it?

Here he is in the WSJ optimistically listing factors that could keep the price of oil down, counteracting tensions with Iran. Optimism! Let’s see: New supply in the US, and various potential new sources of supply around the world. Check. Also, reductions in demand. Check. He doesn’t mention that “new supply” would have to amount to a Saudi Arabia’s worth every few years just to make up for ongoing depletion. In fact, he doesn’t mention depletion at all. Well done, Daniel.

New petroleum supplies could come into the market over the year from a variety of sources—from Iraq and Angola to Libya and Colombia. And notably, 300,000 barrels per day or more from the United States—primarily from North Dakota and Texas and from a rebound in off-shore production.

The other offset could come from reductions in demand. U.S. gasoline consumption so far this year is down over last year. China’s new economic growth target of 7.5%—down significantly from the 10% or so of recent years—would mean lower growth in its petroleum consumption. Of course, a rebound in global economic growth would increase demand, not only in China but in the U.S., Japan and Europe.

via Daniel Yergin: What's Behind Rising Gas Prices? – WSJ.com.



Iran offers to front Pakistan 80,000 bpd

First one’s free. Yeah.. If you like it, you know where to find me. Tell your friends.

“It is only an initial offer of 80,000 barrels on deferred payment at the moment,” Irfan Qazi, a spokesman for Pakistan’s Ministry of Petroleum and Natural Resources, told Reuters.

via Iran offers Pakistan 80,000 bpd of oil – official | Reuters.



How sanctions against Iran backfire
February 28, 2012, 10:28
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