US hard oil sanctions on Iran will reduce oil exports by 1 million bpd but not hitting collapsing Venezuela

The US government forecasts new sanctions on Iran will cut Iran’s oil exports by 700,000 to 1 million barrels a day. Iran exported an average of about 2.1 million barrels of oil per day over the last year.

Iran has begun to feel the squeeze as it looks to retain buyers in Asia. The National Iranian Oil Co. reduced official prices for September sales to Asia. Iranian light crude will be sold at the cheapest price in 14 years against a similar product from Saudi Arabia.

Venezuela had targeted producing 1.65 million barrels per day (mb/d) in July but claims actual production came in at about 1.526 mb/d.

The June OPEC report suggested that Venezuela oil output was just 1.34 mb/d. Venezuela might only have produced 1.25 million barrels per day.

Venezuela oil industry is so weak that the US not adding oil sanctions to them. The US does not want to own the eventual collapse of Venezuela.

81 thoughts on “US hard oil sanctions on Iran will reduce oil exports by 1 million bpd but not hitting collapsing Venezuela”

  1. They can buy the enriched uranium and the reactors they need to make Plutonium from the Chinese for oil. The Chinese will be happy to sell them it. If not the Chinese then there is the Pakistanis.

    Reply
  2. Why build bombs with U-235 when you can run small reactors with enriched U-238 and process the waste for Plutonium. Plutonium makes smaller bombs which are easier to launch via missiles.

    Reply
  3. Embargoing Iran would be an act of war. Iran can retaliate by destroying a few oil tankers in the Persian Gulf blocking access to it.

    Reply
  4. Oil is sold on the open market with price and quality the only factor. The US sanctions on Iran oil should not affect Iran sale since the rest of the world is buying oil from Iran.

    Reply
  5. I honestly hope that China and Europe tell our government to get stuffed and still buy oil from Iran. Might have to stop using dollars to do it, but that might be a good idea anyway.

    Reply
  6. Venezuela is a sad, irrelevant sideshow. Iran is the sacrificial goat for Trump’s “Energy Dominance” policy. China refuses to slow imports from Iran. Trump will escalate the trade war by degrading Iranian production or blocking transfers to China. Russia will complain, but do nothing. High oil prices are good for many Trump supporters (and Russia). Being tough on Iran and China plays well. Wars are good for elections.

    Reply
  7. If Russia gives them back their enriched uranium they gave up under the nuclear deal they’ll be able to build nuclear weapons in short order.

    Reply
  8. They can buy the enriched uranium and the reactors they need to make Plutonium from the Chinese for oil. The Chinese will be happy to sell them it. If not the Chinese then there is the Pakistanis.

    Reply
  9. Why build bombs with U-235 when you can run small reactors with enriched U-238 and process the waste for Plutonium. Plutonium makes smaller bombs which are easier to launch via missiles.

    Reply
  10. Embargoing Iran would be an act of war. Iran can retaliate by destroying a few oil tankers in the Persian Gulf blocking access to it.

    Reply
  11. Oil is sold on the open market with price and quality the only factor. The US sanctions on Iran oil should not affect Iran sale since the rest of the world is buying oil from Iran.

    Reply
  12. I honestly hope that China and Europe tell our government to get stuffed and still buy oil from Iran. Might have to stop using dollars to do it but that might be a good idea anyway.

    Reply
  13. Venezuela is a sad irrelevant sideshow. Iran is the sacrificial goat for Trump’s Energy Dominance”” policy.China refuses to slow imports from Iran.Trump will escalate the trade war by degrading Iranian production or blocking transfers to China. Russia will complain”””” but do nothing. High oil prices are good for many Trump supporters (and Russia). Being tough on Iran and China plays well. Wars are good for elections.”””

    Reply
  14. If Russia gives them back their enriched uranium they gave up under the nuclear deal they’ll be able to build nuclear weapons in short order.

    Reply
  15. Not sure what Murray’s problem was, but Martha’s Vineyard is infested with the biggest losers in the United States. It is the land for the Rich and Useless. I know… I have a relative that fled the crap hole. Jaws should have finished the job on all of those smarmy Left Wing A-Holes…

    Reply
  16. Not sure what Murray’s problem was but Martha’s Vineyard is infested with the biggest losers in the United States. It is the land for the Rich and Useless. I know… I have a relative that fled the crap hole. Jaws should have finished the job on all of those smarmy Left Wing A-Holes…

    Reply
  17. Trade embargoes are not acts of war. Rich people don’t put their money in the form of cash into Scrooge McDucks money bins, either. You really need to educate yourself better on these matters. Seriously.

    Reply
  18. Sure! Great idea! Too bad that won’t last for five minutes in the ‘great idea’ department in Europe. The MAIN reason why no other currency has displaced the Dollar is because the closest contenders for the job all have export-heavy dependent economies. And having the world’s reserve currency means you have to have net import trade deficits, not surpluses.

    Reply
  19. Anyone who buys oil from Iran faces secondary sanctions from the US in response. Even the Chinese. What is secondary sanctions? Cutting them off from the system of transferring US dollars throughout the world. The term ‘secondary’ should not be construed as being ‘lesser’. Then again, you still think that rich people keep cash in giant Scrooge McDuck money bins, so…

    Reply
  20. China exempted imports of US natural gas AND crude oil from it’s lame ‘retaliatory’ tariffs against the US, too. Not that they could enforce it. We’d just ship oil to some other nation, they’d move it to another tanker and send it off to China — a China desperate for oil like the US was in the ’70s. We own their butts. Time the wu maus chanting ‘NEXT BIG CHINA! NEXT BIG CHINA! NEXT BIG CHINA!’ on here get with that reality.

    Reply
  21. Trade embargoes are not acts of war. Rich people don’t put their money in the form of cash into Scrooge McDucks money bins either. You really need to educate yourself better on these matters. Seriously.

    Reply
  22. Sure! Great idea! Too bad that won’t last for five minutes in the ‘great idea’ department in Europe.The MAIN reason why no other currency has displaced the Dollar is because the closest contenders for the job all have export-heavy dependent economies. And having the world’s reserve currency means you have to have net import trade deficits not surpluses.

    Reply
  23. Anyone who buys oil from Iran faces secondary sanctions from the US in response. Even the Chinese.What is secondary sanctions? Cutting them off from the system of transferring US dollars throughout the world. The term ‘secondary’ should not be construed as being ‘lesser’. Then again you still think that rich people keep cash in giant Scrooge McDuck money bins so…

    Reply
  24. China exempted imports of US natural gas AND crude oil from it’s lame ‘retaliatory’ tariffs against the US too.Not that they could enforce it. We’d just ship oil to some other nation they’d move it to another tanker and send it off to China — a China desperate for oil like the US was in the ’70s.We own their butts. Time the wu maus chanting ‘NEXT BIG CHINA! NEXT BIG CHINA! NEXT BIG CHINA!’ on here get with that reality.

    Reply
  25. Lead”??? hahahaha. There is so few US exports to China that there is little left for the Chinese to raise tariffs on. But the other way around is not the case. So much for ‘leading an economic cold war’ by China. “Does China give up trade relations with the US to maintain Iranian imports” Hahahahahah…right! I’d LOVE to see that.

    Reply
  26. Anyone doing business with Iran will NOT be doing business with the United States” – Trump. Does China give up trade relations with the US to maintain Iranian imports (presumably at renegotiated prices)? How does it not escalate into an economic cold war lead by China?

    Reply
  27. Enriching to 90{22800fc54956079738b58e74e4dcd846757aa319aad70fcf90c97a58f3119a12} is not that difficult Once you are at 20{22800fc54956079738b58e74e4dcd846757aa319aad70fcf90c97a58f3119a12}

    Reply
  28. When you go to 20{22800fc54956079738b58e74e4dcd846757aa319aad70fcf90c97a58f3119a12} it is quite easy to go to 90{22800fc54956079738b58e74e4dcd846757aa319aad70fcf90c97a58f3119a12}

    Reply
  29. Lead””???hahahaha. There is so few US exports to China that there is little left for the Chinese to raise tariffs on. But the other way around is not the case. So much for ‘leading an economic cold war’ by China.””””Does China give up trade relations with the US to maintain Iranian imports””””Hahahahahah…right! I’d LOVE to see that.”””

    Reply
  30. Anyone doing business with Iran will NOT be doing business with the United States”” – Trump.Does China give up trade relations with the US to maintain Iranian imports (presumably at renegotiated prices)? How does it not escalate into an economic cold war lead by China?”””

    Reply
  31. Not that difficut once you are at 20{22800fc54956079738b58e74e4dcd846757aa319aad70fcf90c97a58f3119a12}It is easy to move from 20{22800fc54956079738b58e74e4dcd846757aa319aad70fcf90c97a58f3119a12} to 90{22800fc54956079738b58e74e4dcd846757aa319aad70fcf90c97a58f3119a12}

    Reply
  32. But if Iran DID close the Persian gulf, who suffers?
    Oil sufficient North America? Or oil import dependent Europe and China?

    “Stop picking on me or I’ll hurt the only people who are still supporting me!”

    Reply
  33. “Lead”???

    hahahaha.

    There is so few US exports to China that there is little left for the Chinese to raise tariffs on. But the other way around is not the case. So much for ‘leading an economic cold war’ by China.

    “Does China give up trade relations with the US to maintain Iranian imports”

    Hahahahahah…right! I’d LOVE to see that.

    Reply
  34. “Anyone doing business with Iran will NOT be doing business with the United States” – Trump.

    Does China give up trade relations with the US to maintain Iranian imports (presumably at renegotiated prices)?

    How does it not escalate into an economic cold war lead by China?

    Reply
  35. Trade embargoes are not acts of war.

    Rich people don’t put their money in the form of cash into Scrooge McDucks money bins, either.

    You really need to educate yourself better on these matters. Seriously.

    Reply
  36. Sure! Great idea! Too bad that won’t last for five minutes in the ‘great idea’ department in Europe.

    The MAIN reason why no other currency has displaced the Dollar is because the closest contenders for the job all have export-heavy dependent economies. And having the world’s reserve currency means you have to have net import trade deficits, not surpluses.

    Reply
  37. Anyone who buys oil from Iran faces secondary sanctions from the US in response. Even the Chinese.

    What is secondary sanctions? Cutting them off from the system of transferring US dollars throughout the world.

    The term ‘secondary’ should not be construed as being ‘lesser’.

    Then again, you still think that rich people keep cash in giant Scrooge McDuck money bins, so…

    Reply
  38. China exempted imports of US natural gas AND crude oil from it’s lame ‘retaliatory’ tariffs against the US, too.

    Not that they could enforce it. We’d just ship oil to some other nation, they’d move it to another tanker and send it off to China — a China desperate for oil like the US was in the ’70s.

    We own their butts. Time the wu maus chanting ‘NEXT BIG CHINA! NEXT BIG CHINA! NEXT BIG CHINA!’ on here get with that reality.

    Reply
  39. Not sure what Murray’s problem was, but Martha’s Vineyard is infested with the biggest losers in the United States. It is the land for the Rich and Useless. I know… I have a relative that fled the crap hole. Jaws should have finished the job on all of those smarmy Left Wing A-Holes…

    Reply
  40. They can buy the enriched uranium and the reactors they need to make Plutonium from the Chinese for oil. The Chinese will be happy to sell them it. If not the Chinese then there is the Pakistanis.

    Reply
  41. Why build bombs with U-235 when you can run small reactors with enriched U-238 and process the waste for Plutonium. Plutonium makes smaller bombs which are easier to launch via missiles.

    Reply
  42. Oil is sold on the open market with price and quality the only factor. The US sanctions on Iran oil should not affect Iran sale since the rest of the world is buying oil from Iran.

    Reply
  43. I honestly hope that China and Europe tell our government to get stuffed and still buy oil from Iran. Might have to stop using dollars to do it, but that might be a good idea anyway.

    Reply
  44. Venezuela is a sad, irrelevant sideshow. Iran is the sacrificial goat for Trump’s “Energy Dominance” policy.

    China refuses to slow imports from Iran.

    Trump will escalate the trade war by degrading Iranian production or blocking transfers to China. Russia will complain, but do nothing.

    High oil prices are good for many Trump supporters (and Russia). Being tough on Iran and China plays well. Wars are good for elections.

    Reply

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