Tuesday, January 31, 2012

Iran expects oil prices to boom

The Iranian government on Sunday warned that the EU oil embargo would lead to a significant price increase. A barrel will cost up to US$150 soon, the official IRNA news agency quoted the head of the national oil company, Ahmad Kalehban, as saying.

Currently, the price of an oil barrel on world markets hits just under US$100. One barrel equals 159 liters.

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� 2012 Al Bawaba (www.albawaba.com)

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Source: http://www.albawaba.com/business/iran-expects-oil-prices-boom-410824

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