MMC
04-05-2012, 02:26 PM
COMMENTARY | Fareed Zakaria, in his recent post (http://globalpublicsquare.blogs.cnn.com/2012/03/26/zakaria-india-please-stand-up/) on Global Public Square, says India should be more active in its foreign policy, particularly with respect to Iran. Zakaria particularly questions the country's position as "…America's friend, Israel's friend and Iran's friend."
Rising inflation and a slowing economy (http://www.cnbc.com/id/46728981/India_s_Headline_Inflation_Edges_Up_in_February) means it cannot afford to lose Iranian oil, which contributes to 12 percent of its domestic supply (http://www.energyasia.com/public-stories/india-oil-minister-says-crude-imports-from-iran-will-continue-despite-us-threats), says Energy Asia. Iranian oil is also the easiest to process in Indian refineries, most of which run at a loss due to large fuel subsidies.
On a global level, the loss of Iranian oil in the market only raises oil prices because of nervous market sentiments. The release of U.S. Strategic Petroleum Reserve (http://us.lrd.yahoo.com/_ylt=Ak_G8eEPnewy3_Ja5O0dLxSjCu9_;_ylu=X3oDMTFuaWl lNzI4BG1pdANBcnRpY2xlIEJvZHkEcG9zAzYEc2VjA01lZGlhQ XJ0aWNsZUJvZHlUZW1wQXNzZW1ibHk-;_ylg=X3oDMTJ1djhzOGoxBGludGwDdXMEbGFuZwNlbi11cwRw c3RhaWQDMmY3ODNhZTctMGFjOC0zNGE3LTgzZjYtN2M5NGFiNj c1MjczBHBzdGNhdAN3b3JsZARwdANzdG9yeXBhZ2UEdGVzdAM-;_ylv=0/SIG=147tkf4ni/EXP=1334861953/**http%3A//abcnews.go.com/blogs/politics/2011/06/obama-taps-strategic-petroleum-reserve-will-release-more-if-necessary/) into the global markets is traditionally seen as a canary in the coalmine. The world cannot do without Iranian oil, even if Saudi Arabia fills in the gap with fellow OPEC members.
Successful sanctions do not necessarily make a safer global climate; in fact it might just add on to the economic turmoil.....snip~
http://news.yahoo.com/india-please-dont-stand-iran-160200425.html
Yahoo! Contributor Network – 2 hrs 57 mins ago<<<<<<More Here.
Zakaria is correct the Sauds cannot fill the gap with their Sunni Allies. Think India will become more vocal? Think they want to pay more? Their systems are designed for that heavy Iranian crude.
One things for sure Iran will not stop being vocal. They figure if they have to suffer so to can eveybody else.
Rising inflation and a slowing economy (http://www.cnbc.com/id/46728981/India_s_Headline_Inflation_Edges_Up_in_February) means it cannot afford to lose Iranian oil, which contributes to 12 percent of its domestic supply (http://www.energyasia.com/public-stories/india-oil-minister-says-crude-imports-from-iran-will-continue-despite-us-threats), says Energy Asia. Iranian oil is also the easiest to process in Indian refineries, most of which run at a loss due to large fuel subsidies.
On a global level, the loss of Iranian oil in the market only raises oil prices because of nervous market sentiments. The release of U.S. Strategic Petroleum Reserve (http://us.lrd.yahoo.com/_ylt=Ak_G8eEPnewy3_Ja5O0dLxSjCu9_;_ylu=X3oDMTFuaWl lNzI4BG1pdANBcnRpY2xlIEJvZHkEcG9zAzYEc2VjA01lZGlhQ XJ0aWNsZUJvZHlUZW1wQXNzZW1ibHk-;_ylg=X3oDMTJ1djhzOGoxBGludGwDdXMEbGFuZwNlbi11cwRw c3RhaWQDMmY3ODNhZTctMGFjOC0zNGE3LTgzZjYtN2M5NGFiNj c1MjczBHBzdGNhdAN3b3JsZARwdANzdG9yeXBhZ2UEdGVzdAM-;_ylv=0/SIG=147tkf4ni/EXP=1334861953/**http%3A//abcnews.go.com/blogs/politics/2011/06/obama-taps-strategic-petroleum-reserve-will-release-more-if-necessary/) into the global markets is traditionally seen as a canary in the coalmine. The world cannot do without Iranian oil, even if Saudi Arabia fills in the gap with fellow OPEC members.
Successful sanctions do not necessarily make a safer global climate; in fact it might just add on to the economic turmoil.....snip~
http://news.yahoo.com/india-please-dont-stand-iran-160200425.html
Yahoo! Contributor Network – 2 hrs 57 mins ago<<<<<<More Here.
Zakaria is correct the Sauds cannot fill the gap with their Sunni Allies. Think India will become more vocal? Think they want to pay more? Their systems are designed for that heavy Iranian crude.
One things for sure Iran will not stop being vocal. They figure if they have to suffer so to can eveybody else.