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China, India plan Iran oil cuts

Reuters - -- (Reuters) -

China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening U.S. sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer.

The countries together buy about 45 percent of Iran's crude exports. The reductions are the first significant evidence of how much crude business Iran could lose in Asia this year as Washington tries to tighten a financial noose around Tehran.

The cuts would add to a European Union ban on Iran oil imports, which comes into effect on July 1, to restrict the flow of vital foreign exchange to Tehran under pressure over its nuclear program.

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Submitted Feb 22, 2012 By: SkyWarnTX

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DanMtz Champion Author Oakland Posts:3,335 Points:1,239,425 Joined:Oct 2009	Message Posted: Feb 22, 2012 5:13:20 PM Ignore DanMtz Report Abuse Well, it's a start.
johntxx Champion Author Texas Posts:2,766 Points:612,645 Joined:Aug 2011	Message Posted: Feb 22, 2012 3:53:42 PM Ignore johntxx Report Abuse Iran should start feeling the vise tighten. What China and India are buying is at a discount.
Gas_Eyes Champion Author Dallas Posts:2,662 Points:641,935 Joined:Mar 2011	Message Posted: Feb 22, 2012 1:51:39 PM Ignore Gas_Eyes Report Abuse Signs that the sanctions may work.
qwerty17 Champion Author New Jersey Posts:3,635 Points:1,114,350 Joined:Oct 2009	Message Posted: Feb 22, 2012 12:41:59 PM Ignore qwerty17 Report Abuse took them both a month to reduce irani oil imports - BY 10%! thanks for nothing.
the1roadhog Champion Author Atlanta Posts:9,903 Points:2,053,080 Joined:Jun 2007	Message Posted: Feb 22, 2012 7:19:38 AM Ignore the1roadhog Report Abuse Sanctions take too long but they are a better alternative than bombs away....for now.
puinsai808 Champion Author Honolulu Posts:3,529 Points:723,980 Joined:May 2011	Message Posted: Feb 22, 2012 7:06:41 AM Ignore puinsai808 Report Abuse Okay.
doeslayersr Champion Author Illinois Posts:9,093 Points:869,080 Joined:Dec 2010	Message Posted: Feb 22, 2012 5:04:38 AM Ignore doeslayersr Report Abuse The proof will be in the pudding .... in other words ... what really happens and the results.
WeasleyOC Champion Author Orange County Posts:3,129 Points:798,325 Joined:Jul 2008	Message Posted: Feb 22, 2012 4:51:54 AM Ignore WeasleyOC Report Abuse Let's see if they followup with action. Talk is cheap.
cmptrmush Champion Author Detroit Posts:3,600 Points:735,720 Joined:Feb 2011	Message Posted: Feb 22, 2012 4:34:09 AM Ignore cmptrmush Report Abuse Sooner or later Iran will upset enough countries so no one will buy their oil.
bullet226 Champion Author Toronto Posts:2,716 Points:534,915 Joined:Nov 2010	Message Posted: Feb 22, 2012 3:30:21 AM Ignore bullet226 Report Abuse That's cause China is now getting some of their oil from CANADA The US didn't want to build the pipeline - remember?!!
Luckylindy Champion Author Milwaukee Posts:4,499 Points:1,124,145 Joined:May 2008	Message Posted: Feb 22, 2012 2:49:44 AM Ignore Luckylindy Report Abuse My guess China will really do nothing.
asog75 All-Star Author Indiana Posts:836 Points:277,980 Joined:Aug 2011	Message Posted: Feb 22, 2012 2:19:49 AM Ignore asog75 Report Abuse i thought this was a un sanction
Dodge_Me Champion Author Atlanta Posts:2,214 Points:553,230 Joined:Mar 2006	Message Posted: Feb 21, 2012 11:34:53 PM Ignore Dodge_Me Report Abuse Good but will probably get ugly before it gets better
vulcan96 Champion Author Ohio Posts:26,879 Points:3,100,750 Joined:Aug 2004	Message Posted: Feb 21, 2012 11:19:28 PM Ignore vulcan96 Report Abuse yeah - right.....
SparkieMi Champion Author Kalamazoo Posts:3,244 Points:584,445 Joined:Sep 2011	Message Posted: Feb 21, 2012 11:15:32 PM Ignore SparkieMi Report Abuse REALLY???? Time will tell...
JimL1 Champion Author Phoenix Posts:8,206 Points:1,239,570 Joined:Jul 2003	Message Posted: Feb 21, 2012 11:14:13 PM Ignore JimL1 Report Abuse The USA will be glad to sell them refined products.
ScorpDrvr All-Star Author Sacramento Posts:522 Points:178,185 Joined:Sep 2011	Message Posted: Feb 21, 2012 11:13:05 PM Ignore ScorpDrvr Report Abuse The sanction don't stop the trading of goods (food, medicine, arms, building supplies, etc.) for the oil. Iran doesn't need to get much cash if it can get the consumables directly.
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Feb 21, 2012 11:09:51 PM Ignore Jeeputtputt Report Abuse good reason for our suppliers to "jack it up"..
HapsterNY Rookie Author New York Posts:2 Points:420 Joined:Feb 2012	Message Posted: Feb 21, 2012 11:08:43 PM Ignore HapsterNY Report Abuse there goes rocket sky high prices. We all better start walking or peddling.
windows7isfast Champion Author Winnipeg Posts:2,389 Points:487,250 Joined:Nov 2011	Message Posted: Feb 21, 2012 11:05:04 PM Ignore windows7isfast Report Abuse cool
HA4CNN Champion Author Toronto Posts:5,604 Points:1,539,490 Joined:Dec 2006	Message Posted: Feb 21, 2012 11:04:03 PM Ignore HA4CNN Report Abuse The sooner they cut all oil exports the sooner there will be war and then you will see much higher prices.
kd5kpd Champion Author Texas Posts:3,721 Points:1,413,800 Joined:Apr 2006	Message Posted: Feb 21, 2012 11:01:43 PM Ignore kd5kpd Report Abuse Action talks, BS walks!
yelobus Champion Author Houston Posts:5,579 Points:1,552,840 Joined:Aug 2006	Message Posted: Feb 21, 2012 11:01:27 PM Ignore yelobus Report Abuse Yeah, sure.
afghaned Champion Author Hamilton Posts:11,798 Points:1,282,460 Joined:May 2004	Message Posted: Feb 21, 2012 11:00:56 PM Ignore afghaned Report Abuse Believe it when I see it. There must've been some heavy behind the scenes negotiating.
UseLessGasFolks Champion Author Iowa Posts:5,431 Points:1,292,925 Joined:Jul 2007	Message Posted: Feb 21, 2012 10:54:50 PM Ignore UseLessGasFolks Report Abuse Might help but I doubt it.
ssperkin Champion Author Durham Posts:1,454 Points:759,045 Joined:Dec 2010	Message Posted: Feb 21, 2012 10:51:19 PM Ignore ssperkin Report Abuse China, eh. India, that will be more interesting to watch. Ally or not?
36_ACRES_4_SALE All-Star Author Appleton Posts:999 Points:338,815 Joined:Oct 2011	Message Posted: Feb 21, 2012 10:50:53 PM Ignore 36_ACRES_4_SALE Report Abuse Good for Asia
lunarrv15 Champion Author Cincinnati Posts:14,847 Points:2,382,385 Joined:Dec 2005	Message Posted: Feb 21, 2012 10:44:42 PM Ignore lunarrv15 Report Abuse okay ..interesting ..thanks for posting
OWENALOTT Champion Author Appleton Posts:2,182 Points:500,095 Joined:Apr 2011	Message Posted: Feb 21, 2012 10:44:33 PM Ignore OWENALOTT Report Abuse High import cost for the rest of us now.
Panama Red Champion Author San Diego Posts:11,057 Points:2,495,265 Joined:Jun 2004	Message Posted: Feb 21, 2012 10:44:01 PM Ignore Panama Red Report Abuse Talk, talk, talk; let's see some action.
speedys Champion Author Utah Posts:6,999 Points:2,555,900 Joined:Nov 2005	Message Posted: Feb 21, 2012 10:41:55 PM Ignore speedys Report Abuse I can bet Israel could stop all the exports.
TBONE3 Champion Author Pennsylvania Posts:8,731 Points:1,973,725 Joined:Mar 2005	Message Posted: Feb 21, 2012 10:41:22 PM Ignore TBONE3 Report Abuse Talk, talk, talk.
hubcapLA Champion Author Louisiana Posts:3,905 Points:940,435 Joined:Apr 2009	Message Posted: Feb 21, 2012 10:33:20 PM Ignore hubcapLA Report Abuse Might work for a while
btex49 Champion Author Austin Posts:2,705 Points:528,155 Joined:Aug 2011	Message Posted: Feb 21, 2012 10:33:02 PM Ignore btex49 Report Abuse Yawn... I am sure that this will prove to be ineffective.
PetroScopper Champion Author Houston Posts:6,607 Points:1,547,050 Joined:Aug 2008	Message Posted: Feb 21, 2012 10:32:36 PM Ignore PetroScopper Report Abuse If this happens it will be a major move by China and India. Moreover, it will build tighter ties with both China and India.
KnoxGasPriceSpy Champion Author Knoxville Posts:140,824 Points:917,870 Joined:Oct 2010	Message Posted: Feb 21, 2012 10:31:41 PM Ignore KnoxGasPriceSpy Report Abuse not enough...
RENEGADEGAS Champion Author Missouri Posts:14,894 Points:1,588,300 Joined:Jul 2008	Message Posted: Feb 21, 2012 10:31:14 PM Ignore RENEGADEGAS Report Abuse I'll believe it when I see China and India actually do this.
nztyraider Champion Author Nevada Posts:2,268 Points:690,750 Joined:Apr 2009	Message Posted: Feb 21, 2012 10:30:02 PM Ignore nztyraider Report Abuse Bush should've just taken the oil.
TommyTraveler Champion Author Cincinnati Posts:8,664 Points:1,695,380 Joined:Nov 2007	Message Posted: Feb 21, 2012 10:28:59 PM Ignore TommyTraveler Report Abuse We may have war on our hands soon.
TheeRedRam Champion Author Hartford Posts:3,148 Points:669,710 Joined:Jun 2011	Message Posted: Feb 21, 2012 10:28:48 PM Ignore TheeRedRam Report Abuse Cut it all
1momsunshine Champion Author Ottawa Posts:5,475 Points:997,555 Joined:Mar 2010	Message Posted: Feb 21, 2012 10:26:25 PM Ignore 1momsunshine Report Abuse ok
DirtDauber Champion Author San Antonio Posts:6,766 Points:1,624,535 Joined:Nov 2005	Message Posted: Feb 21, 2012 10:25:50 PM Ignore DirtDauber Report Abuse Yeh, right.
gmcgas Champion Author Atlanta Posts:5,935 Points:1,710,355 Joined:Mar 2004	Message Posted: Feb 21, 2012 10:24:52 PM Ignore gmcgas Report Abuse just 10%?
Ahking Champion Author Orange County Posts:3,492 Points:600,445 Joined:May 2011	Message Posted: Feb 21, 2012 10:24:09 PM Ignore Ahking Report Abuse good. good enough?
Tundralimited2009 Champion Author Dallas Posts:38,812 Points:1,447,425 Joined:Feb 2009	Message Posted: Feb 21, 2012 10:23:49 PM Ignore Tundralimited2009 Report Abuse Russia still has the exports to China and India
el_fr Champion Author Massachusetts Posts:3,322 Points:741,775 Joined:Apr 2011	Message Posted: Feb 21, 2012 10:23:38 PM Ignore el_fr Report Abuse Good
N1SJK Sophomore Author New Hampshire Posts:235 Points:487,110 Joined:Apr 2011	Message Posted: Feb 21, 2012 10:21:56 PM Ignore N1SJK Report Abuse Yeah!
us4usa Champion Author Missouri Posts:5,976 Points:1,109,385 Joined:May 2008	Message Posted: Feb 21, 2012 10:19:56 PM Ignore us4usa Report Abuse Sooner or later Iran will be done...
roadrunnin Champion Author Richmond Posts:1,743 Points:561,565 Joined:May 2008	Message Posted: Feb 21, 2012 10:17:02 PM Ignore roadrunnin Report Abuse and the squeeze is on
no8c Champion Author Ohio Posts:2,794 Points:702,150 Joined:Jul 2008	Message Posted: Feb 21, 2012 10:12:10 PM Ignore no8c Report Abuse Thanks for posting this article!