Tuesday, June 19, 2007

Wanna bet?

I bet we can deal with $100 oil longer than they can deal with a blockade preventing their gasoline imports...

"We will not start using this tool (of oil) but if others use their tools that they have not put aside to put pressure on negotiations, it is natural that the two sides would discuss all their tools," Kazempour Ardebili said.

Asked what would be the impact if Iran stopped its oil exports, Kazempour Ardebili said: "Definitely the market will be faced with a new shock and oil prices will increase strongly."

He added that prices would climb above $100 a barrel.

Although Iran is OPEC's No. 2 oil producer, it has to import about 40 percent of its domestic gasoline needs to meet domestic demand for fuel because it lacks refining capacity.