The OPEC Oil Embargo Iran
Cartels of oil exporting countries (OPEC) hopes European Union export ban sanctions put on oil to Iran. Such sanctions would only undermines Europe's far Iran oil consumers.
"I really hope there will be no oil embargo against Iran," said OPEC Secretary General Abdullah El-Badri disela-sela World Petroleum Congress in Doha, Qatar as reported by the AFP, Wed (7/12/2011).
"It would be very, very difficult to replace exports from OPEC member countries," he added.
El-Badri warned Europe would face difficulties in view of Iran's oil supply to the rest of Europe can achieve 865.000 barrels a day. Based on the records of the International Energy Agency, Iran's oil exports to the European Union alone reached 450,000 barrels a day.
"Europe is now facing some difficulties ... so trimming 865.000 barrels a day to soon, I think it's going to be a problem," he asserted.
The European Union on Thursday last week extended sanctions blockade against Iran companies and individuals, as well as taking into account the extra policy to put pressure on the financial sector and Iran's oil. The sanction was given to individual companies and 37 143 after the break with Iran's nuclear program report released by the International Atomic Energy Agency (IAEA).
Iran issued a warning to world crude oil prices could break through the level of US $ 250 a barrel if there is a move that blocked the export of its oil.
"As soon as these kind of issues is presented in a serious oil prices will shoot up to over US $ 250 per barrel," said Foreign Ministry spokesman Ramin Mehmanparas Iran, last weekend.
