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

The EU announced an embargo on Iranian oil last week to pressure Tehran on its controversial nuclear programme.

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