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Breaking News:

Export ban will hike oil price to $150, Iran says

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Related in the News

 

Export ban will hike oil price to $150, Iran says

Posted on 9 March 2012 by "the witness"

Last Update:  20 February 2012 18:26  GMT    - Volume. 11373

http://images.thenews.com.pk/updates_pics/1-29-2012_33033_l.jpg

TEHRAN - The National Iranian Oil Company has predicted that international spot price for oil will jump to $150 per barrel due to Iran’s plan to suspend exports to some European states.

Iranian Oil Ministry spokesperson Ali Reza Nikzad-Rahbar announced on Sunday that crude exports to British and French companies have been halted. 

Speaking to reporters in Tehran on Monday, the NIOC managing director Ahmad Qalebani said if Spain, the Netherlands, Greece, Germany, Italy and Portugal continue their bellicose attitudes toward the Islamic Republic, Iran will also cut oil exports to them.

Qalebani also said the NIOC had already informed European buyers that in future they would need to ink 3-5 year contracts with Iran.

The Iranian parliament has prepared a plan calling for a halt to Iran’s oil exports to the European Union states that voted for sanctions on the country’s oil industry, which will reportedly be discussed in the parliament after Iran’s next parliamentary election, which is scheduled to be held on March 2. 

Hassan Tajik, the director of the Iranian Foreign Ministry’s Western Europe Department, held separate meetings with the ambassadors of Italy, Spain, Portugal, Greece, the Netherlands, and France on February 15, in which a range of issues, including the oil embargo, were discussed. 

“We have made efforts to… inform the European people of the fact that European governments themselves will be responsible for the consequences of the decision,” Tajik said at the time. 

 

Iran says oil price could reach $150 per barrel on EU embargo

Updated 5 weeks ago

TEHRAN: Iran said on Sunday that oil prices could reach $150 per barrel as a result of the European Union's ban on imports of oil from the country, deputy oil minister was quoted as saying by the official IRNA news agency.

"Although a precise prediction cannot be made on the oil prices, it seems we will witness $120 to $150 oil price per barrel for future," said Deputy Oil Ministry Ahmad Qalebani. (Reuters)

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