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| Iran says EU ban will hike oil prices to $150 |
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 The European Union sanctions on Iran’s crude exports will hike world oil prices to $150 per barrel, the director of Iran’s national oil company has warned.
National Iranian Oil Company (NIOC) Managing Director Ahmad Qalebani added that preventing the rise would be extremely difficult, reported the Naftnews Persian language website.
The decision by EU foreign ministers to phase out purchases of Iranian oil from July, 2012, was “hasty” and could result in “heavy economic loss and damages to the crisis-stricken people of Europe,” the Iranian oil ministry said in a statement on Thursday.
Iran’s foreign ministry said the decision “would bear bitter fruit”.
The ban is part of efforts by the EU bloc and the U.S. to pressure Iran over its nuclear program. The EU measures include freezing assets of the Iranian Central Bank in Europe and banning petrochemical trade with Iran, Reuters reported.
Iran plans to invest up to $50 billion a year in its oil industry to maintain its position as OPEC’s second-largest crude exporter, and boost natural gas production, Oil Minister Rostam Qasemi said.
Qasemi presented a proposal to Parliament seeking annual investment of $50 billion for domestic oil and gas projects.
Iran needs to increase its output to 5.1 million barrels a day, from current its current level of approximately 4 million barrels per day, by 2015, Qasemi said.
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