OPEC: War With Iran Would Cause ‘Unlimited’ Oil Price Hike

[tekisui]

The head of the Organization of Petroleum Exporting Countries warned Thursday that oil prices would see an "unlimited" increase in the case of a military conflict involving Iran, because the group's members would be unable to make up the lost production.

“We really cannot replace Iran’s production - it’s not feasible to replace it,” Abdalla Salem El-Badri, the OPEC secretary general, said during an interview.

Iran, the second-largest producing country in OPEC, after Saudi Arabia, produces about 4 million barrels of oil a day out of the daily worldwide production of close to 87 million barrels. The country has been locked in a lengthy dispute with Western countries over its nuclear ambitions.

In recent weeks, the price of oil has risen higher on speculation that Israel could be preparing to attack Iranian nuclear facilities. The saber-rattling intensified this week with missile tests by Iran. That has further shaken oil markets because of concerns that any conflict with Iran could disrupt oil shipments from the Gulf region.

“The prices would go unlimited,” Badri said during the interview, referring to the effect of a military conflict. “I can’t give you a number.”

link: http://www.iht.com/articles/2008/07/10/business/opec.php

[Atman]

1. "BRILLIANT!" - Dick "Dick" Cheney

With a signing statement by George W. Bush - "What he said."

.

[Jazzgirl]

2. This is the very thing I feared

and the very thing I fear *cheney (fucker) wants. I do hope this makes everybody think twice before a formal strike.

[cliss]

3. China and Japan are Iran's biggest customers.

They will NOT allow anything to happen to their oil supply. Absolutely guaranteed.

[Wizard777]

4. The Current prices are due to OPEC sanctions against us for Iraq.

They aren't officially stating that. But that's exactly what it is.

[opihimoimoi]

5. THEM GOOPers WANT THIS TO HAPPEN...wake up guys...this is what they work for