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  • Iran says oil would go over $250 if exports banned

    From reuters.com

    Iran's Foreign Ministry believes that if the West seriously considered blocking Tehran's ability to export oil, the global price of crude would more than double, Foreign Ministry spokesman Ramin Mehmanparast was quoted as saying on Sunday. "As soon as such an issue is raised seriously the oil price would soar to above $250 a barrel," he told the reformist daily Sharq. Talk in the West of tightening sanctions on Iran over its nuclear program has increased since the United Nations nuclear watchdog issued a report in November containing what it said was evidence that Tehran had worked on designing an atom bomb. Iran ... (full story)

  • Comment #1
  • Dec 4, 2011 7:35am Dec 4, 2011 7:35am
probably it will!
  • Comment #2
  • Dec 4, 2011 8:26am Dec 4, 2011 8:26am
No....oil would not go to $250/bbl as the west would not allow this to happen. Do they not realize that the actions around the nuclear issue only gives reason to other nations to go to war? Wars have been fought over lesser circumstances.
In present world, oil is a commodity that is a neccessity in modernized civilization until alternative resources are developed at which time the countries that just happen to be lucky enough to be sitting above oil reserves can go pack sand.
I would think at $250/bbl for oil, that wheat, rice,corn, barley could be sold at $250/ bushel.
Let them eat their oil, as for me, I will walk or ride my bike to where I need to go and commerce will be more localized as I can grow my own food, and if I can't buy local then I really don't need it.
The point here is that escalating rhetoric on both sides only promotes the destruction of peace and globalized markets.
Just MHO!
  • Comment #3
  • Dec 4, 2011 9:00am Dec 4, 2011 9:00am
Well said
  • Comment #4
  • Dec 4, 2011 9:59am Dec 4, 2011 9:59am
  •  Guest
  • | IP XX.XXX.34.145
Just put on NAFTA wage & price controls for North America,very simple.
  • Comment #5
  • Dec 4, 2011 9:59am Dec 4, 2011 9:59am
I think US and Europe shud bring some policy which can attract public attention to leave 4 wheelers,i mean some kind of attraction which can reduce oil consumption.
Trade responsiblypatience is the key/Swing trader
  • Comment #6
  • Dec 4, 2011 10:43am Dec 4, 2011 10:43am
  •  Guest
  • | IP XX.XXX.85.64
they already tried that with global warming
  • Comment #7
  • Dec 4, 2011 11:07am Dec 4, 2011 11:07am
will never happen, oil will always go and it makes people look into alternative energy which is what the want so it suits
  • Comment #8
  • Dec 4, 2011 11:34am Dec 4, 2011 11:34am
Gofer Pips - I am with you.
  • Comment #9
  • Dec 4, 2011 12:58pm Dec 4, 2011 12:58pm
except most people can't grow their own food...without oil, the west would crumble very deliberately as there is no practicle alternative (yet) - the facts are reality and the reality is, the west was built on oil and it cannot survive without it, not yet!
  •  Guest
  • | IP XX.XXX.5.239
asiong say if oil go to $250/bb,global is end,cost all industry and bussiness stop.
no ! oil doesn't worth that ! but it causes serious problems
A serious oil supply shock is a huge threat to the little bit of stability left in the world.
  • Story Stats
  • Posted: Dec 4, 2011 6:38am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 12  /  Views: 2,656