That is why US sanctions against Iran are doomed to fail. More than a decade ago, fracking took off in the Bakken shale of North Dakota and Montana, but the oil rush that followed has resulted in major environmental damage, risky oil transportation without regulation, pipeline permitting issues, and failure to produce profits. The overwhelming nations of the world will ignore the US call to halt imports of Iranian crude. Now the South Korean Embassy in Tehran has denied that South Korea would stop buying crude from Iran in anticipation of US sanctions.Ī heavy weight like Japan is also trying to find a way around a complete cut of Iranian imports. First India announced that it doesn’t recognize any sanctions but UN sanctions and that it will not only ignore US sanctions on Iran but will continue to import Iranian crude. ![]() Not only president Trump is waging a psychological warfare to give the impression that US sanctions against Iran will virtually lead to a loss of 1 million barrels of oil a day (mbd) from Iran’s exports but also Western media is doing its utmost to fake news purporting that major oil importers of Iranian crude like Japan, India and South Korea have already decided to stop imports of Iranian crude. Japan is also trying to find a way around a complete cut of Iranian imports, and so is India. Frack fluid consists of 99.5 water and sand. By 2025, estimated health damages caused by methane leakage during fracking would cost 13-29 billion each year. Fracking will be a 68 billion market by 2024. Now, however, Washington is set on reducing Iran’s oil exports to zero, which is making all of its Asian allies unhappy. The fracking industry supports 5.6 of the total American employment. The last time there were sanctions against Iran, South Korea managed to score a waiver by pledging to cut the amount of crude it buys from Tehran. ![]() South Korea is the world’s fifth-largest crude oil importer, and diversity of supplies is vital. ![]() Related: Goldman: Trade War Won’t Derail Oil PricesĮarlier this month, Reuters also reported that South Korea had upped crude oil imports from Kazakhstan, already looking for alternative supplies as the November 4 deadline for the sanctions draws nearer. Last Friday, unnamed sources told Reuters that the Korean government had pressured refiners into suspending orders for July shipments of Iranian crude, which is the first time this has happened since 2012. BREAKING: North Carolina Again Rejects Fracked Gas Mountain Valley Pipeline Extension Controversial Project Piles Up Environmental Protection Violations While Going Billions Over Budget ApContact Doug Jackson, 202.495. For now, the chances of these waivers being granted remain slim, although a senior State Department official last week said Washington may deal with such requests on a case by case basis, suggesting that there may be some space for negotiations. 2 days ago &0183 &32 April 25 (UPI) - Oil and gas services company Halliburton said Tuesday that net income for the first quarter was more than twice as high as year-ago levels.
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