Last Updated : 27 January 2012 at 12:05 IST
IMF warns: Crude oil to gain 30% on Iran sanctions
The International Monetary Fund (IMF) has warned that sanctions on Iran's oil could push crude oil prices by 30% by cutting 1.5 million barrel supply from the world market.
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NEW YORK (Commodity Online): The International Monetary Fund (IMF) has warned that sanctions on Iran's oil could push crude oil prices by 30% by cutting 1.5 million barrel supply from the world market.
This comes on the back of the European Union (EU) decision to ban all crude oil imports from Iran starting July 1, 2012.
"A halt of Iran's exports to OECD economies without offset from other sources would likely trigger an initial oil price increase of around 20 -30 percent, with other producers or emergency stock releases likely providing some offset over time”, the Daily Telegraph quotes the IMF.
With IMF predicting a 1.5 million barrel loss of supply, the situation would be comparable to the loss of Libyan oil output last year. But, the greatest worry would be whether the increasing US and EU pressure would force Iran to become aggressive and block the Strait of Hormuz- an action that could push prices to unseen levels.
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