Saturday, 31 December 2011

Iran Oil Minister Rostam Qasemi says Global oil price will surge to over $200



Iran Oil Minister Mr. Rostam Qasemi says if Iran's petroleum sector is hit with new Western sanctions, the whole world will have to pay a hefty price for it as the price of the petrol could rise steeply. He says it is difficult to predict the accurate rise but the price could rise to atleast $200 per barrel.

Qasemi comments comes 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.US President Barack Obama is also expected to soon sign into law additional restrictions on Iran's central bank, which acts as the main conduit for Iranian oil sales.

Twenty percent of the world's oil moves through the Strait of Hormuz, at the entrance of the Gulf, making it the "most important chokepoint" globally, according to information released Friday by the US Energy Information Administration.Iran is subject to four rounds of UN sanctions over its nuclear programme, which many Western countries allege is being used to develop atomic weapons. Tehran denies the allegation.

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