Europe's Losing Game - by Stephen Lendman
America's oil embargo on Iran will fail.
Partnering with America has consequences. Europe's paying by shooting itself in the foot.
On January 23, EU representative for foreign and security affairs, Catherine Ashton, broke the news. She announced an "unprecedented" anti-Iranian oil embargo, effective July 1 and immediately from new contracts.
The ban covers crude oil, petroleum and petrochemical products, oil related business, equipment and technology, selling Tehran refined products, new investments, and dealing with its central bank.
Europe buys up to 20% of its oil from Iran. Ending it means greater strain on economically stressed countries. Making up lost volume won't be easy. Putting lipstick on this pig doesn't wash.
Alternatives are few and far between. Claiming Saudi Arabia can compensate is false. Iran's reserves are third largest globally. No combination of Gulf states can replace its shipments.
Seyyed Emad Hosseini , Iran Majlis (parliament) Energy Committee spokesman said: