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12/04/11

Oil price will rise above $250 if Iran's oil export is banned: Iran

Source: Mehr News Agency

The Iranian Foreign Ministry is of the opinion that if sanctions were imposed on Iran's oil exports, the global price of crude would increase above $250 a barrel.

"As soon as such an issue is raised seriously the oil price would soar to above $250 a barrel," Foreign Ministry spokesman Ramin Mehmanparast told the Sharq newspaper in interview published on Sunday.

The U.S. Senate passed economic sanctions against Iran's central bank on Thursday, and the European Union is considering a ban on oil imports from Iran.

"Imposing sanctions on oil and gas is among the sanctions that, if one wants to do that, the consequences should be fully considered before taking any action," he said, according to Reuters.

"I do not think the situation in the world and especially in the West today is prepared enough to raise such discussions."

Related Articles:

Europe refiners cast wary eye at potential EU Iran oil import ban - An embargo on Iranian oil would squeeze refining margins of European refiners. Refining margins have already been under pressure this year and even twice turned negative after Libyan oil disruptions pushed the price refiners pay for their crude.

Oil embargo move raises fears of Iranian reaction - Now that the European Union has made clear it is moving towards imposing an embargo on Iranian oil, how will Tehran respond? What if Iran moves first, on its own terms, and imposes an oil embargo to Europe? -Financial Times

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