Azerbaijan, Baku, Feb. 14 Trend M. Moezzi
Iran's representative to the Organisation of Petroleum Exporting Countries' (OPEC) predicts three factors will continue to push up global oil prices, Mehr news agency reports.
One reason for the price increase is the ongoing cold weather that has swept over Europe, the U.S. and even parts of Iran, OPEC governor, Mohammad Ali Khatibi, said.
A drop in oil production is another element contributing to higher prices. The growing friction between North and South Sudan, a decrease in Syria's output and unrest around some of Nigeria's oil complexes are all playing a role in the markets' anxiety, said Mr. Khatibi.
Iran's OPEC representative mentioned political issues in the Middle East and the Persian Gulf as the factor behind higher prices.
The European Union has voted to stop importing oil from Iran as of July 1, and the U.S. is pressuring other countries to end their oil purchases from Iran. The measure is part of an effort by the U.S. and its allies to impose sanctions against Iran for its nuclear activities.
But despite other countries' promises to replace Iran's oil with their own, the current situation shows that finding a replacement is not possible, says Mr. Kahtibi.
The latest report issued by the OPEC secretariat says Iran's price per barrel of oil was $111.77 in January 2012, $5 more than in December.