Iran says oil prices to reach $150 per barrel
Posted by Admin on April 6, 2011
“The price of oil will increase to $150 per barrel in a period of time … the current oil prices are not real,” Ahmadinejad told a news conference.
Oil traded above $119 a barrel for Brent on Monday, just off a two-and-a-half year high touched in February, spurred by political instability in the Middle East and North Africa.
Disruption of Libyan exports because of violent unrest in the OPEC member country also provided an opportunity for Iran to sell some of the crude that had built up in floating storage.
A popular uprising in Libya has shut down almost all of the country’s 1.6 million barrels per day (bpd) of oil production, prompting Saudi Arabia to boost crude output to try to compensate for the loss and rein in oil prices.
(Editing by Jason Neely)
- Oil prices to reach $150 per barrel: Iranian president (calgaryherald.com)
- Iran: No emergency OPEC meeting (seattletimes.nwsource.com)
- Iran: No emergency OPEC meeting (seattlepi.com)
- Rising oil prices threaten global economic recovery (newstatesman.com)
- Oil prices at fresh 30-month high on Mideast, North Africa unrest (calgaryherald.com)
- Oil climbs to highest since 2008 on supply concerns (reuters.com)
- Crude Oil Hits 2 and a Half-Year High (foxbusiness.com)
- Huhne jets into Saudi to talk down oil prices (businessgreen.com)
- Analysis: Oil finds $100 floor on Saudi politics, output costs (reuters.com)
- Consumers feel squeeze from rising oil prices (independent.co.uk)
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