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Oil prices might jump to $250 after sanctions applied on Iran: Economic Commission Chief

Business Materials 3 December 2011 13:14 (UTC +04:00)
With the EU sanctions imposed on Iran, oil price in the world market can increase up to $250 per barrel, Iranian Parliament's Economic Commission chairman Arsalan Fathi Poor said.
Oil prices might jump to $250 after sanctions applied on Iran: Economic Commission Chief

Azerbaijan, Baku, Dec.3/ Trend S.Isayev, T. Jaffarov/

With the EU sanctions imposed on Iran, oil price in the world market can increase up to $250 per barrel, FARS News Agency quotes Iranian Parliament's Economic Commission chairman Arsalan Fathi Poor as saying.

"Taking into account the situation with the U.S. and several European countries, Iran eventually will win in this game," Fathi Poor stressed.

The EU has accepted additional sanctions against 179 individuals and institutions associated with the Iranian authorities. The decision was taken at the meeting of the EU countries' FMs in Brussels.

The United States, UK and Canada announced new measures against Iran's energy and financial sectors on Nov. 21, while France proposed new sanctions, including the freezing of the Central Bank of Iran's assets and suspending the purchase of Iranian oil.

Poor added that if it goes on like this, oil prices on world markets will go even higher, and the need for oil and petroleum products for countries will multiply.

"The imposed sanctions have no effect on Iran, and some European countries cannot even support their own military and civilians. In the end, Iran will come out on top," Fathi Poor said.

Several of the region's weakest economies, including Italy, Greece and Spain, import significant amounts of Iranian crude oil. Greece has recently boosted imports of Iranian oil because it is cheaper than the Russian crude it normally uses, Mediterranean oil traders and shipping professionals said. Iran accounted for 5.7% of EU oil imports in 2010, according to Fitch Ratings service.

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