* IMF: stop Iran’s oil exports could raise prices 30%
25/01/2012 | (Voice of Iraq) – Add comments – Sumerian News / Beirut International Monetary Fund said on Wednesday that crude oil prices could rise by 20 to 30 percent, and transportation costs will increase significantly if Iran stopped its oil exports, or shut down the Strait of of Hormuz as a result of sanctions, the United States and the European Union.
The fund said in his first comments on the possibility to stop Iranian exports of oil, “The cessation of exports of Iranian economies OECD economic development without being compensated from other sources, would cause most likely increase in the price of oil fluctuated between 20 to 30% (approximately 20 to $ 30 a barrel today), and can be cured with the passage of time by other producers and stocks of emergency. ” WWF said in a note to the group of the twenty largest economies in the world, which met in the “Mexico City” last week ” financial sanctions against Tehran may live up to be the “oil embargo” could lead to a decrease of 1.5 million barrels a day in supplies from Iran, “the fifth-largest oil producer in the world. and authorized the European Union, Monday, January 23 this package new sanctions on Iran, including a ban on its oil sector, and the freezing of assets of the Central Bank of Iran and the prohibition of all forms of trade in gold and other precious metals with the World Bank and other government agencies in a new move to intensify the pressure on the Islamic Republic over its nuclear program, prompting Iran to renew its threat to close the Strait of Hormuz. He pointed out the fund to be ” closing the Strait of Hormuz may cause a jump largest in the price including through the reduction of the quantities of supply compensatory from other countries in the region and will consider it markets as a warning of tensions geopolitical world increasingly strongly with the cessation of supply is more dangerous than all the previous times. ” The Strait of Hormuz, the strategic corridor marine to carry oil as expressed 35% of the oil transported by sea in the world, connecting the Gulf region where the Arab states, oil-rich Sea of Oman, Iran has threatened several times closed, as if the adoption of oil sanctions on its exports, or a military strike against them. He said the International Monetary Fund that “there other ways, but only for a fraction of the quantities of oil sent through the strait, which takes time to make it operational, while the increase transportation costs significantly. ” U.S. President Barack Obama signed on Saturday (December 31, 2011) a law toughening penalties for financial sector, Iran to pressure Tehran to abandon its nuclear program, the law provides for the freezing of assets of financial institutions that deal with Iran’s central in the oil sector, which led to a decline in value of the Iranian Rial, driving down its value to 18 thousand against the dollar on Tuesday (January 3 this month), down from about 13 thousand and 500 in December. believes oil exports 80% of the foreign currencies to Iran, the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), roughly $ 100 billion for the year the Iranian current (from March 2011 to March 2012), note that the calculation of the budget of Iran is based on the dollar to 10,500 riyals. ‘s bet Iran, Russia and China, which them again in recent days their opposition to Western sanctions, as well as other Asian countries to address the sanctions the U.S. and Europe, which succeeded in reducing its dependence on European markets, which now constitute less than 18% of its oil exports, As China has become to the first trade partner, with bilateral exchanges reached $ 30 billion for 400 million 15 years ago. The international community accuses Tehran of using its civilian nuclear program declared to conceal a plan to develop nuclear weapons pose a serious threat to the security of the region, while the United Nations remains impose sanctions on Tehran over this file and for not allowing international inspectors to visit centers of reactors to determine their nature, and as Iran has repeatedly denied seeking to acquire nuclear weapons, stressing that the aim of its nuclear program is strictly civilian, approved the production of over 4,500 kilograms of enriched uranium since 2007, a enough to produce four nuclear weapons, according to estimates by experts.
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