|Lack of Iranian supply could push up crude price, Iranian oil minister says||
Iran's oil minister Rostam Qasemi warned on Wednesday that the absence of Iranian crude in the market will push up prices.
Balance of price in the global market depends on Iran's oil supply, the Shana news agency quoted Qasemi as saying.
Sanctions imposed by the U.S. and the EU have not created a serious problem for Iran's oil industry because the country has its regular customers who continue to buy its crude, the minister added.
Talking about the possibility of crude prices rising to $150 per barrel, Qasemi said: "We believe that oil price in the global markets is still unrealistic and its increase depends on future developments in the oil market."
Reiterating what he said earlier this month, Qasemi added that taking into account current market conditions, world oil prices could grow further as winter demand kicks in later in the year.
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|Last Updated on 19 September 2012 17:00|