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'EU sanctions on Iran may push oil prices to $150'
Monday January 30, 2012 08:37:42 AM,
RIA Novosti
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Moscow: The European Union (EU) embargo on oil imports from Iran may push
world oil prices to $150 per barrel, the head of Iran's state oil
company has said.
"It seems that we will witness prices from $120 to $150 in the
future," Ahmad Qalehbani, head of the National Iranian Oil
Company, said in an interview with IRNA news agency Sunday.
The EU voted last Monday to ban oil imports from Iran. The move
came after the Islamic Republic announced earlier this month that
it had launched a nuclear enrichment programme at a well-protected
underground facility near the holy Shia city of Qom.
The programme envisages enriching uranium to the 20-percent level,
which can easily be turned into fissile warhead material.
The embargo is set to come into force in summer but Iran has said
it may cut crude oil shipments to Europe early.
Qalehbani said Iran planned to expand oil consumption on the
domestic market instead of sales on international markets. The EU
accounts for just 18 percent of Iran's oil output.
Western nations suspect Iran, which is already under numerous
international sanctions, of pursuing a secret nuclear weapons
programme but Tehran insists it needs nuclear power solely for
civilian purposes.
Iran has threatened to retaliate by blocking the Strait of Hormuz,
the main export route for supplies from the Middle East.
The International Monetary Fund (IMF) warned Thursday that
sanctions on Iran could push oil prices up 20-30 percent to $140
per barrel unless alternative supplies from developing countries
came on line.
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