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.
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Any anti-ISIL operation in Iraq cannot be effective unless the Islamic State is attacked in Syria. But the final statement of the Paris Conference did not mention Syria as a precaution against disunity in the coalition and with due regard for the Russian position. Professor of the Chair of Modern East Department of History, Political Science and Law in RSUH