DOOLEY Observed: Iran official says oil will reach $150 per barrel

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Sunday, January 29, 2012

Iran official says oil will reach $150 per barrel

Associated Press

TEHRAN, Iran (AP) — Iran's official news agency reports that the head of the state oil company is claiming that the price of crude will go up to $150 per barrel.

Head of the National Iranian Oil Company Ahmad Qalehban did not give a time frame for the prediction, nor any other details in the Sunday report by IRNA.

The price of benchmark U.S. crude on Friday was around $99.56 per barrel.

Qalehban's statement comes as Iranian officials prepare to debate a ban on crude sales to European Union countries, in response to a planned EU embargo on Iran's oil by summer because of that country's nuclear program.

The United States and its allies argue that Iran is trying to develop nuclear weapons technology, while Tehran says the program is for purely peaceful purposes.