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Iran supply cut will push oil up 30pc warns IMF

New Delhi, March 20, 2012

Supply disruptions from Iran could push global crude prices by up to 30 per cent from the current levels, IMF chief Christine Lagarde warned today.

"If there was for instance a major shortage of export of oil from Iran, it will certainly drive prices up, at least for a period of time. We believe that it will be in the range of 20-30 per cent," Lagarde was quoted as saying by Press Trust of India in New Delhi.

Her comments come against the backdrop of prevailing global tensions over Iran's nuclear ambitions.  The oil price is  hovering around $125 a barrel at present.

Tthe sudden rise in the price would have serious consequences on the global economy, particularly the oil importing countries, she said.




Tags: Iran | Crude | IMF | sanction | oil supply |

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