http://www.bernama.com.my/bernama/v5/newsworld.php?id=631644
Oil Prices Jump To US$250 After Sanctions Applied On Iran: Economic Commission Chief
AZERBAIJAN, Baku, Dec 3 (Bernama) -- The oil price in the world market has increased up to US$250 per barrel following the European Union sanctions imposed on Iran, FARS News Agency cited Iranian Parliament's Economic Commission chairman Arsalan Fathi Poor said on Saturday.
"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.
"Taking into account the situation with the U.S. and several European countries, Iran eventually will win in this game," Poor said.
The European Union 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' Foreign Ministers in Brussels.
The United States, UK and Canada announced new measures against Iran's energy and financial sectors on Nov 21, while France has proposed new sanctions, including the freezing of the Central Bank of Iran's assets and suspending the purchase of Iranian oil.
"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," 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 percent of EU oil imports in 2010, according to Fitch Ratings service.
-- BERNAMA
Oil Prices Jump To US$250 After Sanctions Applied On Iran: Economic Commission Chief
AZERBAIJAN, Baku, Dec 3 (Bernama) -- The oil price in the world market has increased up to US$250 per barrel following the European Union sanctions imposed on Iran, FARS News Agency cited Iranian Parliament's Economic Commission chairman Arsalan Fathi Poor said on Saturday.
"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.
"Taking into account the situation with the U.S. and several European countries, Iran eventually will win in this game," Poor said.
The European Union 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' Foreign Ministers in Brussels.
The United States, UK and Canada announced new measures against Iran's energy and financial sectors on Nov 21, while France has proposed new sanctions, including the freezing of the Central Bank of Iran's assets and suspending the purchase of Iranian oil.
"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," 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 percent of EU oil imports in 2010, according to Fitch Ratings service.
-- BERNAMA
