Record Oil Prices to Come – Iran Minister

Monday, May 21, 2012

Iran's finance minister believes sanctions against his country could cause the oil price to reach US$ 160 per barrel

"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?" Shamseddin Hosseini told CNN's "Fareed Zakaria GPS" in a recently broadcasted interview.

Eighty percent of Iran's foreign revenues are derived from oil exports, and an embargo by the EU set to go into effect in July will further devastate its economy.

But Hosseini said the embargo would also likely hurt the EU, which is grappling with its own weakened economy. Oil prices as a result of the sanctions, he said, "will go considerably higher than $100 per barrel."



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