By Micah Halpern
I've Been Thinking:
Oil experts announced yesterday that the year 2012 will see a 33% drop in Iranian crude oil sales.
In January the European Union decided that as of July they will totally cut their Iranian crude imports.
In addition China, India and Japan who together amount to about 45% of Iran's crude sales, are agreeing to each cut their imports by 10%.
The White House is elated as are those leaders from Western Europe who have been pushing the boycott.
What is missing from the equation is that there are other countries increasing their oil imports from Iran. And countries like China and India often change their minds and behaviors when it comes to Iranian oil. Earlier in February China dropped their imports of Iranian crude - and barrel per barrel India picked up the slack.
Think of it as a see saw, except that this is not child's play.
Micah@MicahHalpern.com
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