Iranian economist: Oil embargoes not to break back of Iranian economy

Business Materials 5 November 2018 15:02 (UTC +04:00)

Baku, Azerbaijan, Nov. 5

By Elnur Baghishov – Trend:

A number of countries including China, India, etc. stated that they need to import oil from Iran, the khabaronline website quoted economic expert, member of faculty of Allameh Tabataba’i University Mehdi Taghavi as saying.

Of course, it is important how much oil these countries will import, he added.

He noted that Iran’s quota in OPEC is 2,100,000 barrels of oil.

If the volume of production is decreased to 1,500,000 barrels as a result of introduction of embargoes, the status of economy will not worsen, and on the contrary, even some steps can be taken towards improvement of the economic situation, he explained.

"The introduction of oil embargoes against Iran will result in increase in price on oil markets and therefore the countries will encounter problems in satisfying their needs in oil," he said.