Article

2010-04-14 China-Japan-Koreas

Sanctions on Iran?? Chinaoil sells Iran 600k bbls Gasoline

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Posted by Tom--Pa 2010-04-14 13:17|| || Front Page|| [3 views ] Top

#1 Iran sits on a lot of oil. Although they have had a program for about six years to increase their refinery capacity, this effort has only increased gasoline production by about six percent. Therefore they need to buy gasoline from countries such as China. China currently imports 32% of its oil and is expected to double its need for imported oil between now and 2010. China's expectation of growing future dependence on oil imports has brought it to acquire interests in exploration and production in places like Kazakhstan, Russia, Venezuela, Sudan, West Africa, Iran, Saudi Arabia and Canada. But despite its efforts to diversify its sources, China has become increasingly dependent on Middle East oil. Today, 58% of China's oil imports come from the region.

Sounds like China is not going to have much to do with sanctions. It also sounds like they are buying oil from Iran and selling it back to them as refined gasoline. Iran says it can increase their refinery capacity within a year but then again they say a lot of things. Had they spent more time developing refinery capacity rather than nuclear weapons they would have a sufficient amount of gasoline. Maybe it should be up for consideration that Iran's oil production and refineries should be targeted as well as their nuclear capacity.

Posted by JohnQC 2010-04-14 15:18|| 2010-04-14 15:18|| Front Page Top

#2 "Former Deputy Defense Minister of Israel said that Israel may have no option but to attack Iran (with nuclear weapons) by November. After yesterday's evacuation of Israeli citizens from the Sinai Peninsula, the Middle-East is once again heating up... Hopefully it does not reach 6 million degrees Kelvin." -- Tyler Durden (ZeroHedge)

Posted by Besoeker 2010-04-14 16:22|| 2010-04-14 16:22|| Front Page Top

#3 Probability of an Israeli strike this year: 60%? 70%?

Best to buy oil futures, methinks.

Posted by lex 2010-04-14 16:25|| 2010-04-14 16:25|| Front Page Top

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