Iran halts oil exports to Netherlands, Spain Italy, France, Greece and Portugal

Stacy summary: The thing to watch here is Greece as they are unable to secure much oil imports from any of the Western companies without sending cash first. Regardless, war is what the neocons apparently want and sadly it looks like we’ll get a far more expensive (read ‘lucrative’) one soon. UPDATE: Iran is now denying Press TV’s claim that oil exports to Europe have been halted (though it is still on Press TV’s website).

82 comments on “Iran halts oil exports to Netherlands, Spain Italy, France, Greece and Portugal
  1. Dutch S.L.A. says:

    And Germany and Belgium since a lot of their oil goes through the Rotterdam harbor… It’s €1.785/1 liter Euro95 here already, I wonder how much it will rise.

  2. AF says:

    Wow thanks a lot to all involved!

    With gas prices already above €1.65 (unleaded 95), I wonder how long can this be sustained!
    (I’m comenting from Portugal. Of course our dutch friend has it worse, at 1.78 … but if you compare average earnings, and average costs on both country … I think you get the picture… our minimum wage here is €485, just for reference. And there are A LOT of ppl earning that.)

  3. Dutch S.L.A. says:

    According to stats from 2000, The Netherlands relied on Iranian Oil for only 4% of total imports so the punch shouldn’t be all to hard. Spain, Greece and Italy would be hit the hardest which isn’t a good thing combined with the euro crisis.
    http://www.pureandlean.com/img/OilIran3.png

  4. Harry says:

    And what oh what did the Dutch or EU politicians accomplish with this?
    Absolutely nothing.

  5. Flopot says:

    MSM is now being bombarded with news headlines about Iran attacking Israelis all over the world and developing close links with Al Qaeda. All sheer propaganda and a ratcheting up of the war rhetoric.

    I cannot believe that Israel actually thinks anyone believes the recent false flag attacks. Or the bulls**t about connections with Al Qaeda.

    I think the recent attacks were more a warning to India and I suspect the Indian government has been privately warned by the US and Israel to back away from Iran.

    Remember that the US representative directly threatened Pakistan to co-operate all those years ago by threatening to “bomb it back to the stone age”.

    War in March methinks.

  6. Lisa says:

    Wow, you’re actually bitching and moaning about the cost of gas? Ever stop to think about what the economic sanctions have done to the people of Iran? How those sanctions have hurt them and their children? Do you any of you ever fucking think about that? You wouldn’t have the fist clue with what Iranian people have gone through for the last 30 years, and you don’t sound like you’d care. Poor fucking you, you’ll pay more for gas – So ironic.
    Maybe Israel and the US should have left well enough alone, but they will never learn. They’ve finally leaned on a country that is pushing back, and it really is too bad the EU and the rest of the west supported the sanctions. Don’t like it? Then take it up with your politicians
    Iran has every right to develop its nuclear program and sell its oil to whomever it wants to. Good on Iran, good for them. If you lazy apathetic Europeans couldn’t give a shit about the sanctions imposed on Iran then you deserve exactly what you’ll get. I exclude Greece from this, they don’t deserve it, god knows what they will do.

  7. gold bullet says:

    Game Theory 101.

    Do not panic, people, the ECB can always just print more oil for the six countries!

    Oh, wait…

    @Flopot

    The earliest for war in Iran is April, after the elections in Iran, at least according to James G. Rickards, author of Currency Wars, who said that on Capital Account last week.

  8. stacyherbert says:

    @Flopot – I use my tweet stream as a gauge of how well any piece of propaganda is going down; the totally lame India-Georgia-Bangkok false flags haven’t been bought by anyone; despite the huge headlines on the Guardian – the neocon paper of choice because remember, Republican/Tory party members are always pro war – so war always must be sold to the left-liberal-Tony Blair loving side of the aisle; nevertheless, none of these people are tweeting these items so it seems that they doubt it (as they also didn’t buy the alleged Iranian plot in the US); they are buying the anti-Syria propaganda, which isn’t difficult as Assad is a torturing, murdering dirt bag – - and we ought to know as he worked hand in glove with the US torture and rendition programme

  9. rob says:

    game theory indeed. if germany 4.0 lets greece go they could revert to drachma maybe back it with their gold (they have quite a bit as does many on the list). either way if greece is out of the euro they could use their gold to barter with Iran for oil. I dont think the others in the embargo gang could use their gold for oil as easily from within the EU.

  10. sklein says:

    When you guys speak of gas are you referring to diesel. The US now ships gobs of diesel to the EU. Perhaps, now they don’t need to worry so much. Part of the plan.

  11. Harry says:

    Gas in the euro sense can be:
    - LPG
    - CNG
    but not diesel.
    ‘gas’ (USA) is petrol or bezine/benzina/gasoline/etc (EU)

  12. gold bullet says:

    Iran now denies what the Iranian state funded international news network Press TV reported?!

    Something smells fishy here…

  13. microhousehold says:

    @Dutch S.L.A.

    Interesting link.

    Good work.

  14. gold bullet says:

    ”EURUSD Collapses On Report Eurozone Considering Delay Of Greek Bailout”

    http://www.zerohedge.com/news/eurusd-collapses-report-eurozone-considering-delay-greek-bailout

  15. Flopot says:

    Okay, thanks Stacy. The mind explodes at the sheer volume of manipulative lies streaming through…sorry that should be “steaming” through the MSM.

    Regarding the Guardian…I turned away from it after its journalists started attacking Assange. Presumably it is a haven for a variety of intelligence services’ agents. Was it always so?

    But I still say March is as good a date for an attack on Iran as April. The frequency of rhetoric and false flags is alarming.

  16. gold bullet says:

    @Flopot

    A caller on the Alex Jones Show yesterday called the MSM in the US ”sewer stream media”. I agree with that description and think it’s a fitting term for the presstitutes, not just in the US but also in Europe, because the propaganda that they push through is just pure shit!

  17. stacyherbert says:

    @Flopot – I think many of them at the Guardian just think they are crusading (no pun intended) for human rights and so will want to believe any information that enables them to help others and will discount any evidence that contradicts the demands for wars of ‘liberation’

  18. microhousehold says:

    (S)hell Oil Company Invests Nearly $4 Million in The University of Texas at Austin

    http://royaldutchshellplc.com/2012/02/14/shell-oil-company-invests-nearly-4-million-in-the-university-of-texas-at-austin/

  19. HUH? says:

    Buy on the rumor, sell on the news

  20. Tamir says:

    I an confident that EU leaders (elected and non-elected ones) are plain idiots. I mean, there IQ must be so low.

  21. Tamir says:

    No typos this time!

    “I am confident that EU leaders (elected and non-elected ones) are plain idiots. I mean, their IQ must be so low.”

  22. Nak says:

    I hope the Iran halt does not affect the production of Molotov cocktails by the Greek protesters.

  23. Kevin Eshbach says:

    If this is indeed true then the US generals must be even more giddy with excitement as they eagerly wait to try out some new military toys on Iran.

  24. Youri Carma says:

    Handelsblatt Warns Insufficient PSI Participation Will Lead To Greek Default
    Which of course is not news: after all even the rating agencies have long warned a Greek default is now inevitable, and a CDS trigger will follow.

    The only thing that there is massive confusion over is whether and how this event will impact everyone else, and whether it will lead to an explusion of Greece from the Eurozone.

  25. Flopot says:

    Just watched the interview with Tariq Ali – he takes a much saner approach to Syria. None of that Guardian warmongering.

  26. gold bullet says:

    Farage: EU-ECB-IMF Troika Driving Greece Towards Violent Revolution

    https://www.youtube.com/watch?v=vd6EC-BJIaI&context=C35bed15ADOEgsToPDskJUbJrGAdhZBzYf6zWRcDbD

  27. Flopot says:

    Yeh current news is that Iran is still considering stopping exports.

  28. gold bullet says:

    Does anyone else find it strange that Press TV’s site is still running the article and that the only source for the denial is Reuters?!

    From what I’ve heard Iran has informed the six countries that it will halt oil exports to them.

  29. microhousehold says:

    Looks like bit is official news now.

  30. microhousehold says:

    @gold bullet

    Very strange indeed.
    Yeah why would they do that?
    (to cash in on rumours I suppose)

  31. microhousehold says:

    Oil Rises to One-Month High as Iran Cuts Exports, China Pledges Debt Help

    http://www.bloomberg.com/news/2012-02-15/oil-rises-from-two-day-low-as-china-pledge-on-europe-counters-u-s-demand.html

    Nothing on the oildrum so far:

    http://www.theoildrum.com/

  32. microhousehold says:

    Typo:

    Looks like it is official news now.

  33. Michel78 says:

    The ambassadors of named 6 nations have been called to the Iranian ministry of foreign affairs Dutch state news reports.

  34. MirrorMirror says:

    .

    @Michel78 ….The ambassadors of named 6 nations have been called to the Iranian ministry of foreign affairs Dutch state news reports.

    LOL .. for prayers or what ?

    I guess the EUdiots are feeling pretty silly right now !

    ;-)

  35. evolutis says:

    @Lisa … thank you.
    Embargos …LOL … We need to acknowledge and respect everyone’s existence, this resource wasting, monetary religion monster, divides and pushes us all around. It pushes us all around with both iron clad hands … We point a flesh cover single digit finger back at real or imagined assholes.[a dubious survival plan, to be sure] Question: just which of these “assholes” are you not related to?
    Within the divisive monetary system you may think you score, each time you “sting” a bad guy but outside the “monetary” abstraction, the “life” game is not stinging individuals; it just may be making honey for all. Scaleable manifestations/ “you put the person next to you ahead of yourself,[nothing to do with money, politics, religion] imagine what that would be like”. BTW if anyone gets a hard on by playing the “socialist” scare card, u should be aware that socialism is nothing more than a sting; a failed “monetary” belief, one of many.

  36. Dementia 5 says:

    EU to Iran: We won’t be buying your oil.

    Iran to EU: Fine, no more oil for you.

    Question: Is the UK also an importer of Iranian oil?

  37. MirrorMirror says:

    @Dementia 5 …. ” Is the UK also an importer of Iranian oil?”

    I think not .. considering North Sea Oil.

    BTW … The UK relied on Iranian oil during WW2 … and that’s how we thank them !

  38. microhousehold says:

    France24

    Iran holds off cutting oil to unruffled EU:

    ‘AFP – Iran said on Wednesday it was considering cutting oil sales to six EU countries but would not do so “at the moment,” while unperturbed European officials said they were looking for other suppliers anyway.’

    http://www.france24.com/en/20120215-iran-holds-off-cutting-oil-unruffled-eu

  39. MirrorMirror says:

    @microhousehold …European officials said they were looking for other suppliers anyway.’

    Like Libya ? … No .. I thought it was all about Democracy ?
    ;-)
    …. which will likely become a military state to protect all the French , UK and Italian oil Cos. now there.

  40. microhousehold says:

    @MirrorMirror

    The funniest thing with the Libyan ‘revolution’ was:
    The rebels had a central bank,
    before they had taken control of Libya.

  41. microhousehold says:

    Profitable growth for Eni in spite of the war in Libya

    Profitti in crescita per Eni
    nonostante la guerra in Libia

    http://www.repubblica.it/economia/2012/02/15/news/profitti_in_crescita_per_eni_nonostante_la_guerra_in_libia-29912518/

  42. MirrorMirror says:

    @microhousehold ..yep .. on the very day that nato started their support ( bombing ) !!

  43. microhousehold says:

    Looks like everyone is parroting Reuters at the moment.

    Iranisches Öl-Ministerium dementiert Berichte über Öl-Lieferstopp

    http://www.sueddeutsche.de/politik/atomstreit-mit-teheran-iranisches-oel-ministerium-dementiert-berichte-ueber-oel-lieferstopp-1.1284796

  44. Danny Cunnington says:

    Well most of Holland’s Iranian oil imports is re-traded through Rotterdam. Iranian oil is an important blending oil. It has a heavy sulphur laden oil that’s good for shipping bunker fuel and a thing called South Pars condensate which is also heavy but with less sulphur. Countries hurt by an Iranian oil ban are mostly southern Europe especially Greece and Spain.

    The thing is that it’s the EU who adopted sanctions against Iran although the reasons are something of a mystery. They can hardly complain seeing as they were going to cut themselves off anyway.

    Another important detail is that Iran is not as free and independent as is portrayed. The actual clerics who hold power were in exile in Paris. After the 1979 revolution, they were jetted in all expenses paid by the Rotschilds. Bob Chapman knows about this and Ben Fulford talks about this too. The Israeli Iran stand off is just somebody’s game. If you want to start a global nuclear war you need a really good excuse because without grand theatre no one is prepared to do it.

    You need the perception of a grand clash of civilisations. Most of the Christians are just dupes who buy into the Israel myth. The Jewish people are mainly props to be slaughtered to provide victim status for political Zionists. (That’s why they have been herded there). Israel is tiny and Iran huge. The missile shield thing doesn’t actually work very well. So Israel will get decimated which is the plan. Most of the 5th fleet will also be lost just to complete western outrage all the time ignoring that all this happened because the west illegally attacked Iran for contrived reasons.

    Personally, I don’t think it will come about. There stuck with Syria and the NATO terrorists are taking too long and being exposed.

    Meanwhile refined products are tanking It’s not just the BDI (Baltic Dry Index) It’s trucking and diesel too. That means there’s a global slowdown The high oil price is purely as a result of theatre and manipulation. It should have tanked at least four months ago on supply and demand fundamentals.

  45. microhousehold says:

    @Danny Cunnington

    Agreed.

  46. Wolferl says:

    How do you stop oil exports to the Netherlands if you don´t stop them to Germany? The Iranians have no control if a tanker is headed to Wilhelmshaven or Rotterdam. Agree with Danny Cunnington, a lot of this BS is just made up to keep oil prices high.

  47. Danny Cunnington says:

    @Mirror Mirror, The Brits used Iranian oil from the end of the first world war up to 1952 for just about everything. At that point Iran nationalised it’s oilfields and declared democracy. The company now known as BP was originally called the Anglo Iranian oil Company. (AIOC). Iranian oil is good for all sorts but needs lighter crudes blended in to make petrol/gasoline. This wasn’t a problem in the 20s & 30s because there were hardly any cars. Later, they installed a pseudo monarchy in Libya known as King Idriss which gave them the light petrol blend. Unfortunately for the Brits a certain revolutionary called Gaddafi over threw him, nationalised the oil fields and brought about direct democracy.

    They say that the sun never sets on the British empire although many believe this is because God would never trust them in the dark! Incredibly, they now justify their interference by “Promoting democracy”.

  48. Nat says:

    Just goes to show that you don’t even need to stop exports to Netherlands – only have to pretend and the rigged, automated markets respond as if they have.

    Iran can show its influence over the west by just exhaling a few words.

    US etc aren’t as powerful as they perhaps think.

  49. MirrorMirror says:

    @DC .. Iranian Oil

    Yes I know … but what was more important IMO was that AIOil (BP) was caught under-declaring their Oil extraction-volume to the Iranian authorities.
    The then democratically elected Prime Minister Mosaddegh asked for an audit of their books . They refused (to save face) and were therefore asked to leave !
    Churchill begged the Amis to help – but they refused… until Churchill “suggested” that the Commis might move in … to which the CIA responded within 4 weeks.
    Same ol’ story !

  50. Micky says:

    Wow this may be the tipping point the west is looking for to attack.

    http://ronpaul2012blog.blogspot.com/

  51. MirrorMirror says:

    .


    @Stax&Macy’s next move :

    ‘Athens must be destroyed’: Germany’s scorched-earth peace deal

    http://www.youtube.com/watch?v=cGlkt0cd7Iw

    1 min.

    .

  52. Grisu says:

    the biggest pinata left for the bankers to loot are the
    savings of the germans.
    so expect more scape-goating and war-mongering.

    btw,max,i thought you‘re on the side of the savers?

  53. Got Silver? says:

    I Bicycle and stack Silver.

  54. Geek Boy says:

    RT just said Iran was about to cancel exports of oil to Europe “but not at the moment because of the cold weather.”

    The Europeans are thick as shit – there is no elasticity in the oil market! What were they thinking? That Iranian oil cannot be replaced from ANYWHERE! China and India are more than happy to take that oil – and they’ll probably be willing to pay extra for it too.

  55. Patrick Walker says:

    China and India will not pay extra. Why should they? Everyone knows that if you can’t sell to the West, that China and India may demand a LOWER price because they know Iran has no where else to turn. Do you really think the Chinese and Indians will not take advantage of this half-ass embargo situation?

  56. Wolferl says:

    @ Grisu

    Shut up, nobody outside of Germany should know this.

    And don´t tell someone that this sum does not even includes the 8000 tons of gold private households in Germany are holding. ;-)

  57. Geek Boy says:

    Mike Ruppert on Iran/ Syria / US Dollar etc (uploaded yesterday)
    http://www.youtube.com/watch?v=BhqqULmLvLI&feature=g-all-u&context=G2df7e69FAAAAAAAAFAA

    @Patrick Walker
    It’s Iran who holds the cards. China is starving for that oil, they will pay up, period. Iran, China, India and Russia have all made deals outside the dollar for oil. The situation is extremely volitile – some days they pay cheap, some days too much. It’s the ‘bumpy plateau’ – forget price really, what’s the VALUE of that oil.

  58. Geek Boy says:

    @Wolferl
    What’s happening in der Schweiz? You are right in the heart of Europe – is it affecting you?

  59. gold bullet says:

    Greenwald: US Media ”pure fear mongering’ on Iran

    https://www.youtube.com/watch?v=1f6azxbqMIo

  60. Grisu says:

    @wolferl

    relax,most of the money is gone anyway(stupid german money used to finance
    everything from hollywood to windparks to audis for everyone).

  61. Patrick Walker says:

    @Geek Boy

    What you’ve put forward is largely confined to a free and open market, which is exactly what the USA and Europe are trying to impede. It will likely come down to a game of chicken. Who will crack first? China’s need for oil or Iran’s need for cash? My bet is Iran blinks first.

    Same with India. And both China and India no doubt have to cost in the irritating both the Americans and Europeans for any defiance. When you know that a person can ONLY sell to you do you think that lifts or suppresses prices? It does come down to value, but the value goes down if you irritate your export markets who still have the ability to shift production away from China. Apple is now starting to make iPads in Brazil.

    Another good question is whether or not Iran would, as a matter of public policy, deliberately undercut the world price for oil? A cornered animal is capable of anything.

  62. Wolferl says:

    @ Geek boy

    Schweiz? Do you mean the Swiss Franc? I was lucky to go out at 1,05 to the Euro last year. Or what do you mean exactly?

    @ Grisu

    You are right, a lot of that “stupid German money” for Hollywood or rollercoasters in Peking got lost in 2008 and 2009. I know a guy here who lost serveral millions with BS like that and threatend his Deutsche Bank advisers he will kill him, he is still on medication. But i guess most of those bad investments is writen down today.

  63. Apocalypto says:

    @Geek Boy

    Okay, I have to ask this question: Is your avatar your photo? Because every time I see it I can’t help but think of John-Boy Walton. Is it John-Boy Walton? lol :)

    http://pics.livejournal.com/behoovingmoving/pic/000y3pdf

  64. Geek Boy says:

    @Wolferl
    Der Schweiz – as in the country of Switzerland. When I was in Schaffhausen, people were talking about jumping the border to do their shopping etc. Any employment issues?

    @Apocolypto
    Ha! The pic is of some banker schmuck Max tore a new one to on France 24 some years ago. You can find the clip somewhere on you tube. On TAM, Max called the guy ‘Geek Boy’, I laughed so much I stole it for my online persona.

  65. Palantír says:

    As many here are mentioning the ‘Game Theory’, I was wondering if there is a good book about that subject that you people can recommend to me? (looking away from the very expensive John F Nash essays)

  66. Al Kyder says:

    PALO ALTO, California – Israel is reportedly using Azerbaijan as a “watchover” playground against Iran, but in light of Iran’s summoning of Baku’s envoy to Tehran and Israeli accusations that Iran is behind a car bomb found near the Israeli Embassy in Tbilisi, Georgia, on Monday, it is fair to say that we are witnessing an extension of the Iran-Israel conflict into the Caspian-South Caucasus.

    This is not to mention a car bomb that did go off in New Delhi, damaging an Israeli
    Embassy car, coinciding with the Tblisi incident and thus raising the specter of a widening net of violence and counter-violence stemming from the increasingly dangerous tension between Iran and Israel.

    In Baku, which has offered itself to the US’s and Israel’s covert campaign
    http://www.atimes.com/atimes/Middle_East/NB15Ak04.html
    =========

    Attack on Iran easier said than done
    By David Isenberg

    The best “guesstimate” of the combat radius of the F-15I and F-16I, outfitted with conformal fuel tanks, two external wing tanks and a decent weapons load, is almost 1,609 kilometers. Either of the two possible flight routes above is about 322 kilometers further than that. ……….the Jericho II or III. It is believed that the Israeli missiles could reach Natanz. However, to travel that far the missiles will have a limited warhead weight,
    ==============

    GOLD DEAL IRAN INDIA

    India’s dilemma: How to pay for Iranian oil

    In December 2010, under pressure from the US Treasury, the Indian government withdrew from the ACU facility (a Reserve Bank of India circular from December 27 noted that “all eligible current account transactions including trade transactions with Iran should be settled in any permitted currency outside the ACU mechanism”).

    The Indian government then turned between February to April 2011 to a complex mechanism using the Hamburg-based Europaisch-Iranische Handels Bank (EIH) via the German Central Bank and the State Bank of India.

    “Treasury is concerned about recent reports that the German government authorized the use of EIH as a conduit for India’s oil payments to Iran,” the US government noted. “Treasury will continue to engage with both German and Indian authorities about this situation and will continue to work with all the allies to isolate EIH.” On April 4, 2011, the US Treasury got its way.

    The India-Iran deal is near completion. How the attack on the Israeli embassy car in New Delhi will impact on this is anyone’s guess. Parochial political agendas once more threaten to interrupt a very important quest, which is to create trust and interdependence across the Asian continent and defuse any tensions that might lead to war. The sanctions regime is a fool’s paradise, undermining the fuel paradise that Iran and India have sought to construct.
    =====
    ** So how else is India going to pay for this Oil, if not with Gold, the one thing the two neighbours and friends have agreed on for 4000 years!!!
    ============

  67. JailBanksters says:

    Just pay now, and we’ll deliver.
    Stop this we’ll take it now and pay for it later bullcrap.
    If you can’t buy it, you don’t get it.
    Credit, the single biggest problem in the world today.
    Stop using Credit.

  68. Wolferl says:

    @ Geek boy

    Well, a lot of German high skills professional are working in Switzerland today, doctors, engineers, bankers, because wages are much higher in Switzerland, and even higher because of the strong Franc. Some Swiss are a little bit pissed by this “German invasion” already. On the other hand a lot of retail shops close in Switzerland, because it´s much cheaper to shop abroad now, and most Swiss live much less than an hour away from the border. Since i have some clients there and i get paid in Swiss Franc i get a little bit more money too, counting in Euro, hehehe.

  69. Robert Mockan says:

    Iran halted oil shipments? No.
    Euro currency being talked down? Yes.
    All the other currencies dropping if they have a USD base? Yes.
    Dollar being pulled up to index 80 so the neo-cons can start their war with Iran? Yes.
    False flag being arranged now? Yes.
    Soon the entire economic crises, past, present, and future, blamed on Iran? (lol!) Yes.
    Obama will be re-elected as the WAR president (like Bush the shrub)?. Yes.

  70. Robert Mockan says:

    The oil rumor is standard psyops. The USD being seen as a “safe haven”, causing it to approach index 80. The purchasing power loss in all other currencies with a USD base today is in the trillions, all for US hegemony and the insane oligarchs. False flag coming up soon so the neo-cons can start their war with Iran?

  71. Robert Mockan says:

    The events of today, especially in the currency markets, stinks of central banking collusion, major anglo-saxon Elitist government officials, and insane oligarchs. The odor is absolutely horrid, like vomit and blood.

  72. Robert Mockan says:

    The agenda of the insane oligarchs is costing people of the world trillions, enslaving generations to come to debt slavery, preventing technological progress, and the solution to the problems has always been clear.

    DESTROY THE INSANE OLIGARCHS!

  73. anti_fascist_freedom_fighter says:

    A lie can run around the world ten times while the truth is still pulling on its pants.

  74. anti_fascist_freedom_fighter says:

    What is the big deal? Isn’t that what the US sanctions intend to do, cut off the Iranian Oil to Europe? We’re outraged when they ship it, we’re outraged when they don’t ship it. This is bullshit. The European customers are curtaining their imports to comply with the US Trade sanctions. So they use THAT to get the sheeple outraged? GENIUS!!

    http://www.reuters.com/article/2012/02/10/us-iran-oil-idUSTRE8190MQ20120210

    “Although there are five months before restrictions on existing contracts take effect, European customers have already curtailed imports of Iranian crude and Asian buyers are lining up alternative sources of supply,” the IEA said, adding that European customers were likely to look to Russia, Iraq and Saudi Arabia for replacement barrels.

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