Iran crude oil may soar $150 per barrelJanuary 29, 2012 - 16:15 AMT PanARMENIAN.Net - The head of Iran's state oil company said Sunday, January 29 that the price of crude will reach $120 to $150 per barrel, as officials in Tehran prepare to discuss a ban on crude sales to European Union countries in retaliation for an EU embargo. Head of the National Iranian Oil Company Ahmad Qalehbani also said that Tehran would expand its capacity to refine crude domestically, instead of selling it on international markets. The EU announced an embargo on Iranian oil last week to pressure Tehran on its controversial nuclear program. The embargo is set to go into effect in the summer, but Iran says that it may cut the flow of crude to Europe early. Iran says the EU accounts for only 18 percent of its output and that it can find new customers. It says the embargo will hurt the West more than Iran, in part by causing a spike in prices. "It seems we will witness prices from $120 to $150 in the future," Qalehbani was quoted as saying by IRNA. He did not give a time frame for the prediction, nor any other details. The price of benchmark U.S. crude on Friday was around $99.56 per barrel. Qalehbani also said that Iran could find other customers for its crude in the short term, while in the longer term expanding its refining capacity to turn the crude into other petroleum products. "The sale of some 18 percent of Iranian oil, to a market other than the EU, is quite possible. But our long term idea is to increase refining capacities to produce valuable products," he said. Qalehbani's statement came as Iranian oil officials prepare to debate a ban on crude sales to European Union countries, AP reported. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. Byblos Bank Armenia celebrates Students' Day with scholarship recipients YSU students who received scholarships from Byblos Bank Armenia gathered in a casual setting to meet with the Bank's CEO, Hayk Stepanyan. Azerbaijan extends Rune Vardanyan’s arrest by 5 months A court in Azerbaijan has extended the arrest of former Nagorno-Karabakh leader Ruben Vardanyan by five months. Armenia border residents dissatisfied with delimitation Residents Kirants are dissatisfied with the results of the delimitation of the border between Armenia and Azerbaijan. |