Over the past decade, the rise of China has had an unparalleled impact on Australia. It has transformed our economy, shielded us from global economic crisis, and made us into one of the wealthiest nations in the world.
But that's now in the past.
On 21 February, the European Union announced a phased-in embargo on Iranian oil. It will be in effect from 1 July this year. How did Iran respond? Well it stopped oil exports to Britain and France. But this was no more than a symbolic two-finger salute. Because neither country has bought Iranian oil since last November. However, Carsten Fritsch an analyst at Commerzbank points out, ‘… Iranian oil exports to both these countries are virtually negligible, however the news is likely to have only a psychological effect, fueling uncertainty on the oil market’. In short, it will push up the […]