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Bullboard - Stock Discussion Forum Veren Inc T.VRN

Alternate Symbol(s):  VRN

Veren Inc. is a Canada-based oil producer with assets in central Alberta and southeast and southwest Saskatchewan. The principal activities of the Company are acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. Its core operational areas include Kaybob Duvernay and Alberta... see more

TSX:VRN - Post Discussion

Veren Inc > U.S. Pirates Iranian Oil
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Post by geezer21 on May 27, 2022 9:58am

U.S. Pirates Iranian Oil

https://news.antiwar.com/2022/05/26/us-seizes-tanker-full-of-iranian-oil-near-greece/

US Seizes Tanker Full of Iranian Oil Near Greece

Oil will be sent to the US, Iran faults 'clear example of piracy' Fresh off of the US targeting a series of companies involved in an Iran-linked oil smuggling network, the US has now seized an oil tanker near Greece, taking the Iranian oil within to be sent to the US.

The oil was on a Russian-operated ship, which had been singled out for US targeting in February. It was then called the Pegas. The company renamed the ship the Lana. Greece had impounded the Pegas and its Russian crew last month over the invasion of Ukraine, but ultimately released it.

Neither the US nor Russia is commenting. Greece says the US informed them the oil was Iranian, and that the US hired a different ship to take the oil to America. Iran has summoned the Greek charges d’affaires and called the incident a “clear example of piracy.”

The US accused the tanker of loading 700,000 Bbls of oil from Iran in August 2021. The tanker mostly carried oil to China.

The seizure of the tanker, and oil, comes amid tensions on the ongoing nuclear talks. Iran believes, and not unfairly, that the oil was just stolen from them, and the US position, while yet to be public, is that the oil is now theirs.

It’s not a great precedent, but generally Iran can’t do much about it, and the US is keen to have the oil.
Comment by Anschutz on May 27, 2022 11:28am
Biden is really getting desperate to tamp down oil prices at home in advance of the mid-terms. Now resorting to outright piracy on the high seas.  Is this a sign of how the New World Order operates?  They simply take what they want and claim it for themselves?
Comment by GermanHerman on May 27, 2022 1:21pm
Probably more a political statement ("don't try to circumvent US sanctions - or else") than an effort to bring down the price of crude.  700,000 barrels is a drop in the bucket.  US should donate the oil to European countries to make a stronger political statement.
Comment by Marty57 on May 27, 2022 1:47pm
On the face of it, it seems the US is operating quite the scam here... declare yourself the law and then take what you want from others.
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