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IEA says Europe can handle loss of Iranian oil

February 23/2012

(hydrocarbonprocessing) -- The EU could handle a sudden end to imports of Iranian oil because of changes already being made due to the coming ban on Iranian shipments, an IEA official said. But the official also warned that the standoff has the potential to hurt the global economy by pushing oil prices higher.

The European Union (EU) could handle a sudden end to imports of Iranian oil because of changes already being made due to the EUТs coming ban on Iranian shipments, an International Energy Agency (IEA) official said Monday, according to media reports.

"France and the UK have already stopped buying crude from Iran" ahead of an embargo scheduled to start in July, said Didier Houssin, the IEA's director of markets and securit.

But Houssin also warned the standoff between the West and Iran did have the potential in hitting the global economy by pushing oil prices higher. On Monday, they climbed to a nine-month high above USD105/bbl in electronic trade on the New York Mercantile Exchange. Floor trading was closed due to the US Presidents Day holiday.

 

mrcplast.com

Author:Anna Larionova
Tags:naphta, oil.
Category:General News
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