IMF: Cut in Iranian crude could boost prices 30%

02/06/2012
Global oil price could rise by as much as 30% if Iran halts oil exports as a result of sanctions by the US and the European Union, according to a report by the International Monetary Fund. Iranian leaders are considering a plan to halt exports of oil with immediate effect in response to the EU, which imposed an embargo on Iran's oil exports earlier this week. If Iran makes good on its threats of an immediate end to oil sales to the EU, it would likely trigger an initial oil price rise of 20-30% or $20-30/bbl, IMF said. IMF said the price impact caused by a cut in Iranian exports could be exacerbated by below-average oil stocks in many countries, the result of tight oil market conditions t...
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