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Iranian Oil Minister Warns New Sanctions Could Push Oil Price To $200 Per Barrel

Source: Fars News Agency

Iranian Oil Minister Rostam Qassemi warned the western countries that any ban on Iranian oil supplies could increase the global crude prices to $200 per barrel.

Iranian Oil Minister Rostam-Qasemi
Iranian Oil Minister Rostam-Qasemi

"There is no doubt that the price of oil will increase drastically and the international markets will have to pay a heavy price," Qassemi told Saturday's edition of a news weekly, Aseman.

"One can't give accurate predictions, but sanctions on Iran's oil will drive up the price of oil to at least 200 dollar" per barrel, he said.

Qassemi's comments come as the European Union was considering a possible EU embargo on Iranian oil imports. EU foreign ministers are to meet on the issue in a month's time after their earlier meeting ended in failure.

Despite the recent talks about imposing sanctions on Iranian oil, the European Union members have failed to reach a consensus in this regard. With some EU members heavily dependent on Iranian oil, a European boycott of Iran's energy sector looks impossible.

During the last several months, world oil prices increased and remained high because of the US-led West's heightened tensions against Iran.

... Payvand News - 01/01/12 ... --

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