Oil prices may soar if Iran supplies cut, IMF warnsMarch 20, 2012 - 21:20 AMT PanARMENIAN.Net - IMF chief Christine Lagarde warned Tuesday, March 20 that crude oil prices may spike by up to 30 percent if Iranian supplies were disrupted, causing "serious consequences" for the global economy, AFP reported. The standoff between Iran, the world's second-largest supplier of oil, and the West over the Islamic Republic's nuclear program is seen as a flashpoint that could sharply increase world crude prices. "Clearly it would be a shock to economies if there was a major shortage of exports of oil out of Iran, it would certainly drive up prices for a period of time," Lagarde told reporters in New Delhi, wrapping up a two-day visit. The International Monetary Fund (IMF) has calculated that an interruption in oil supplies from Iran could increase oil prices by 20 to 30 percent, said Lagarde, who arrived in India at the weekend from neighbouring China. Iran has repeatedly rejected accusations by Western nations that it is developing an atomic bomb but the United States and the European Union have imposed stiff sanctions to persuade Tehran to abandon its nuclear programme. Iran has threatened retaliation for tightening Western sanctions over its nuclear programme, including a possible disruption of shipping through the Strait of Hormuz, a Gulf chokepoint for global oil shipments. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |