OPEC chief warns of ‘unlimited’ oil prices if Iran is attacked

International Herald Tribune
Thursday, July 10, 2008

The head of the Organization of Petroleum Exporting Countries warned Thursday that oil prices would see an “unlimited” increase in the case of a military conflict involving Iran, because the group’s members would be unable to make up the lost production.

“We really cannot replace Iran’s production – it’s not feasible to replace it,” Abdalla Salem El-Badri, the OPEC secretary general, said in an interview.

Iran, the second-largest producing country in OPEC, after Saudi Arabia, produces about four million barrels of oil a day out of the daily worldwide production of close to 87 million barrels.

(ARTICLE CONTINUES BELOW)

The country has been locked in a lengthy dispute with Western nations over its nuclear ambitions.

In recent weeks, the price of oil has risen higher on speculation that Israel could be preparing to mount an attack on the country’s nuclear facilities. The saber-rattling intensified this week with missile tests by Iran.

That has further rattled oil markets because of concerns that any conflict with Iran could disrupt oil shipments from the Gulf.

“The prices would go unlimited,” Badri said during the interview, referring to the impact of a military conflict. “I can’t give you a number.”

Tehran has insisted that its nuclear program is for purely peaceful purposes.

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4 Responses to “OPEC chief warns of ‘unlimited’ oil prices if Iran is attacked”

1. Philip Says:
   July 10th, 2008 at 9:35 am

   so….Congress has departed for summer recess while a nuclear war in the Middle east develops. Never mind the cars developed elsewhere which run on air (India), water (Canada), or batteries USA). All I want to know is how far along Bush’s New Woprld Order program has come along in terms of Bethlehem Steel’s contract to produce enough guillotine- and handcuff-equipped train carriages to haul off to concentration camps those of us who will be discomfited with the devastation soon to come.

2. SID Says:
   July 10th, 2008 at 12:50 pm

   Iran actually HAS a military, unlike Iraq or Afghanistan when the U.S. invaded Iraq for the second time!! If we go to war with Iran we will use tactical nukes there to make up for the depletion of our current military(It’s not what it used to be!)A simple series of air strikes just won’t do the job!!!AND Russia has already warned the U.S. not to atack Iran without an “APROPRIATE” response militarily from them!!! GET READY FOR HELL ON EARTH!!!!!!!!!!!!!!!!!!!!!!!

3. Mark Says:
   July 10th, 2008 at 1:13 pm

   Iran is fucked any way you look at it. The men in suits are already hatching plans to invade. Of course they will sponsor some terrorist attack to make the people think Iran is a real threat. The scary thing is Iran produces a lot of oil, and probably has a lot of money, so they probably have some nice fighters and bombs. Doesn’t really matter though, with the addiction to oil the US and Europe have, a full-scale invasion of Iran is definitely feasible. I personally blame all of the worlds problems on the baby-boomer generation. They have been raised to be brainless satanists. America has no clue that we don’t need to be in other countries stealing oil. As Bill Hicks said, how about we take all the money we spend on bombs and guns and instead spend it on food shelter and healthcare for the rest of the world. Not a single person would be left out and then we would actually have a FUTURE

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