29 January 2012

Steve LeVine Highlights China Real Time Report Post on Iran Oil Embargo on His Foreign Policy Blog

Steve LeVine, “The Weekly Wrap — Jan. 27, 2012,” The Oil and the Glory (Blog), Foreign Policy, 27 January 2012.

Iranian heavy crude anyone? Why don’t Russia and China go along with Western oil sanctions against Iran? One reason is that companies from both countries stand to profit handsomely once the crackdown begins, write Gabe Collins and Andrew Erickson at the Wall Street Journal. … This is the history of embargoes, Collins and Erickson remind us — discounts or premiums are demanded, the oil’s provenance is disguised, and it ends up refined and pumped into our automobiles as gasoline. … As for who will earn the big bucks this time, China’s oil trading giants Zhuhai Zhenrong and Unipec seem exceedingly well-placed, write Collins and Erickson. … Collins and Erickson get added points for passing along this extremely handy report (from tanker brokers Poten & Partners) detailing China’s rise as global oil traders. …

To read the original full-text post referenced here, see Gabe Collins and Andrew Erickson, “Chinese Traders Poised to Profit From Iran Oil Embargo,” China Real Time Report (中国事实报), Wall Street Journal, 26 January 2012.