Home
Ministry of Oil: Oil prices will rise to twice the current price in the event of closure of the Strait of Hormuz
27/01/2012 PM - 11:07 AM | times read: 13
________________________________________
Confirmed that the Iraqi Oil Ministry that oil prices will rise to about twice the price in case of closure of the Strait of Hormuz.
He said ministry spokesman Assem Jihad, Oil, in a press statement that "all producing and consuming countries to oil will be affected in the event of closing the Strait of Hormuz," adding that "the strait pass through it daily about 17 million barrels of oil and its closure will be affected by all these countries, especially the producing countries that are not possess an alternate port. "
Iran has threatened to close the strategic Strait of Hormuz in the event of the imposition of economic sanctions on its oil which it relies to fund nearly 80% of the budget of the country.
The spokesman added that "Iraq has the north of the port can export oil through it in the event of closing the Strait of Hormuz."
The official emphasized that "If you shut down the Strait of Hormuz, even if for short hours, the price of a barrel of oil will rise a lot and if it closed for long periods may double the price per barrel, which would negatively affect the global economy will impact on everyone."
He was a former Iraqi oil minister Ibrahim Bahr al-Ulum, said that more than 16 million barrels of oil transported daily through the Strait of Hormuz, including 1.7 million barrels from Iraq, closing the Straits of this country will lose $ 250 million every day. Finished 2
________________________________________
[You must be registered and logged in to see this link.]
27/01/2012 PM - 11:07 AM | times read: 13
________________________________________
Confirmed that the Iraqi Oil Ministry that oil prices will rise to about twice the price in case of closure of the Strait of Hormuz.
He said ministry spokesman Assem Jihad, Oil, in a press statement that "all producing and consuming countries to oil will be affected in the event of closing the Strait of Hormuz," adding that "the strait pass through it daily about 17 million barrels of oil and its closure will be affected by all these countries, especially the producing countries that are not possess an alternate port. "
Iran has threatened to close the strategic Strait of Hormuz in the event of the imposition of economic sanctions on its oil which it relies to fund nearly 80% of the budget of the country.
The spokesman added that "Iraq has the north of the port can export oil through it in the event of closing the Strait of Hormuz."
The official emphasized that "If you shut down the Strait of Hormuz, even if for short hours, the price of a barrel of oil will rise a lot and if it closed for long periods may double the price per barrel, which would negatively affect the global economy will impact on everyone."
He was a former Iraqi oil minister Ibrahim Bahr al-Ulum, said that more than 16 million barrels of oil transported daily through the Strait of Hormuz, including 1.7 million barrels from Iraq, closing the Straits of this country will lose $ 250 million every day. Finished 2
________________________________________
[You must be registered and logged in to see this link.]
