The Iranian government on Sunday warned that the EU oil embargo would lead to a significant price increase. A barrel will cost up to US$150 soon, the official IRNA news agency quoted the head of the national oil company, Ahmad Kalehban, as saying.
Currently, the price of an oil barrel on world markets hits just under US$100. One barrel equals 159 liters.
In response to the embargo imposed by the EU, the Iranian Parliament on Sunday reviewed a draft law to immediately halt oil supplies to Europe. This, however, debate has been postponed. Further discussions with the government are needed, said the chairman of the Energy Committee, Emad Hosseini, told the Mehr news agency.
Iran supplies about a fifth of its oil exports to EU countries, say about 450,000 barrels each day. (Source: www.yallafinance.com )