Iran says oil could reach $120 to $150 per barrel

Last Updated: Sunday, January 29, 2012 - 19:16

Tehran: The head of Iran`s state oil company
on Sunday said that the price of crude will reach USD 120 to USD
150 per barrel, as officials in Tehran prepare to discuss a
ban on crude sales to European Union countries in retaliation
for an EU embargo.

Head of the National Iranian Oil Company Ahmad Qalehbani
also said Tehran would expand its capacity to refine crude
domestically, instead of selling it on international markets.

Tehran: The head of Iran`s state oil company
on Sunday said that the price of crude will reach USD 120 to USD
150 per barrel, as officials in Tehran prepare to discuss a
ban on crude sales to European Union countries in retaliation
for an EU embargo.

Head of the National Iranian Oil Company Ahmad Qalehbani
also said Tehran would expand its capacity to refine crude
domestically, instead of selling it on international markets.

"The sale of some 18 per cent of Iranian oil, to a market
other than the EU, is quite possible. But our long term idea
is to increase refining capacities to produce valuable
products," he said.

Qalehbani`s statement came as Iranian oil officials
prepare to debate a ban on crude sales to European Union
countries.

PTI



First Published: Sunday, January 29, 2012 - 19:16

comments powered by Disqus