Iran Economy Alert: Sanctions will have knock-on effect on west's economies
Oil has plunged 12 percent this month to about $92.50 after Iran and the six world powers resumed talks in Istanbul last month
Click here to add Camp David as an alert
Disable alert for Camp David,
Click here to add CNN as an alert
Disable alert for CNN,
Click here to add European Union as an alert
Disable alert for European Union,
Click here to add G-8 as an alert
Disable alert for G-8,
Click here to add Hosseini as an alert
Disable alert for Hosseini,
Click here to add İstanbul as an alert
Disable alert for İstanbul,
Click here to add Oil as an alert
Disable alert for Oil
Oil prices might go as high as $160 per barrel if the European Union goes ahead with a July 1 embargo, Hosseini told CNN's "Fareed Zakaria GPS" in an interview scheduled to air Sunday.
"We must pay close attention when we speak of oil revenues and sanctions against oil sales, who are the winners and the losers of such sanctions?" Hosseini said on the eve of a G-8 summit at the US presidential retreat at Camp David, Maryland.
"Indeed, it is difficult. But not just for Iran. And we can all rest assured that there will be a considerable increase in international oil market prices. Now, is this the best approach?"
Hosseini said his country has endured sanctions for 33 years and "this really shows that the economy, the economic strength of Iran is in such a way that it can withstand these sanctions and will not be the only economy to suffer."
Concern over a possible military conflict in the Persian Gulf, the region that holds the world's largest oil reserves, helped push crude prices as high as almost $110 a barrel in February. Oil has plunged 12 percent this month to about $92.50 after Iran and the six world powers resumed talks in Istanbul last month and said they would meet to continue their satisfactory negotiations this month.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow
- Iran's sanctions have positive effect on businesses creativity
- Envisioning the possible: how exactly would the Iranian economy look like without sanctions?
- Materializing consequences: the effects of the Ukraine crisis on Middle Eastern economies
- Who said Iran's economy is all about oil and sanctions?
- Gulf Air goes back to Iran