"Where one door is shut another is opened."
– Miguel de Cervantes Saavedra, Don Quixote
In the latest installment of the sanctions on Iran, the European Union yesterday imposed further prohibitions on the Middle Eastern nation in the hope of dragging it back to the negotiating table over its nuclear aspirations.
In addition to July’s ban on crude oil and gasoline imports, the EU has placed a further embargo ban on the importation of Iranian natural gas and associated services, hitting the nation’s banking, shipping, and industrial sectors. The Islamic Republic holds the world's fourth largest proven oil reserves and second biggest natural gas reserves, standing as the largest gas producer in the Middle East ahead of both Qatar and Saudi Arabia. This latest move will further maintain the EU’s energy future under Russian lock and key.
And as the door shuts firmly on Iran, another may open in the Arctic, with the discovery of a new oil megaprovince off the coast of Greenland hinging on the results of Tullow and Maersk’s seismic shoots in Baffin Bay. Maybe there is no easy way to shut a revolving door?…
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