- 24 January 2012
- 0 Comments
- NIAC round-up
Australia imposes sanctions on Iranian oil
Following yesterday’s announcement of EU imposed sanctions, Australian Foreign Secretary Kevin Rudd stated that Australia would also stop importing Iranian oil. Rudd acknowledged Australia’s imports of Iranian oil are already “negligible.” (CNN 01/24)
Fitch: EU oil sanctions likely to increase prices
Fitch ratings evaluates that it is very likely that the EU oil embargo on Iran will increase oil prices, though it states markets may have already priced in much of the increase. Fitch notes that it is “difficult to predict at this stage” what effect U.S. extraterritorial sanctions will have, adding “the global oil market would have less flexibility in the event of large unexpected supply interruptions elsewhere, potentially sending oil prices much higher than current levels” if the sanctions are aggressively enforced. (Fitch Ratings 01/24)