Oil price could reach $150 per barrel on EU embargo – Iran

Monday, 30 January 2012 00:00 - - {{hitsCtrl.values.hits}}

TEHRAN (Reuters): Iran said on Sunday that oil prices could reach $150 per barrel as a result of the European Union’s ban on imports of oil from the country, a deputy oil minister was quoted as saying by the official IRNA news agency.

“Although a precise prediction cannot be made on the oil prices, it seems we will witness $120 to $150 oil price per barrel for future,” said Deputy Oil Ministry Ahmad Qalebani.