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Iranian economic minister: Sanctions to send oil ‘considerably higher’ than $100 per barrel

Jeff Poor
Daily Caller [1]
May 21, 2012

Iran’s government is warning of dire consequences if the European Union goes ahead with its planned total embargo of Iranian crude oil purchases this summer as punishment for the Islamic regime’s nuclear program.

On the weekend broadcast of CNN’s “Fareed Zakaria GPS,” Iranian economy minister Shamseddin Hosseini echoed an International Monetary Fund warning [2] that the price of oil could hit a new high  if the European Union enacts the embargo and the United States continues its sanctions.

“Even the IMF says that as a result of these sanctions oil prices will perhaps reach and hover around $160 per barrel,” Hosseini said. “And the decrease in financial and economic output in Europe will truly be felt.”

Zakaria asked Hosseini how long his country could endure the international pressure from sanctions and the planned embargo.

Full article here [1]