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Iran warns of closing strategic oil route

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Psalm 51:17
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« Reply #30 on: February 26, 2012, 02:50:56 pm »

2/25/12

Hellenic acknowledged earlier this week that it was buying oil from Iran and paying for the shipments later, terms known in industry jargon as open credit terms.

Part of the reason for swapping crude oil for products is that Hellenic is unable to obtain letters of credit from banks because of lingering default fears.

“They have liabilities and banks could come in and demand payment,” said a London-based trading head who decided not to enter talks with Hellenic, saying it was too risky for his firm.

Hellenic said that replacing Iranian oil would be “easy” with supplies from Saudi Arabia, Iraq and Russia.

However traders expect the terms offered by alternative oil suppliers to be far less generous,

as many are still unable to enter into agreements with Greece because of the risk associated with the country’s debt.

But “If something were to happen, it would be unlikely before summer,” one source said
.



Bottoms-UP-Line:

In other words, war or no war, Greece better pray that Europe at least pretend to fund the second bailout agreed upon on July 21, 2011, as otherwise, the country will be out of crude by the summer.

Of course, if there is no bailout, the country will also be broke by then too, with rioting and bank runs a daily occurrence.

FROM: As Pentagon Sends Reinforcements To Straits Of Hormuz, Iraq Redux Looms http://www.zerohedge.com/news/pentagon-sends-reinforcements-straits-hormuz-iraq-redux-looms
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