TEHRAN, September 3 (RIA Novosti)
The current embargo on Iranian oil and political pressure on the Islamic Republic will result in higher oil prices on international markets, Petroleum Minister Rostam Qasemi said.
“If [oil] producing countries are confronted with difficulties and restrictions, the market will react to the situation accordingly, which will cause an increase in prices,” he told RIA Novosti's Mikhail Gusev, his first interview with a foreign news agency.
Iranian oil exports have fallen by an estimated 40 percent since the EU introduced an oil embargo against Tehran in July.
According to Iran’s Petroleum Ministry, the Islamic Republic currently produces 4 million barrels of crude per day, half of which is exported.
The price for October futures on U.S. Light Sweet Crude Oil dropped 16 cents as of 8:40 a.m. in Moscow [GMT 04:40], or to $96.31 per barrel. The price for October futures on Brent dropped 19 cents to $114.38 per barrel.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Albino Kangaroos, Grubby Baby Penguins and Other Animal News
Infographics: History of the Paralympic Games
We have witnessed the total defeat of western Ukraine, Western nationalists and the West in general, which made the unfortunate decision to support the anti-government activity. They failed to realize that the collapse of Yanukovych means the collapse of Ukrainian unity. They set fire to their own home and planted a time bomb under Ukraine’s territorial integrity.