Iran oil ban to devastate energy industry

Economic adviser to the Emir of Qatar Ibrahim Al Ibrahim says imposing sanctions on imports of Iran’s oil by the European Union will damage the global oil industry.

“This isn’t good for the energy industry, it isn’t good for the exporting countries, it isn’t good for the consuming countries,” Al Ibrahim said on the sidelines of the World Petroleum Congress in Doha, Qatar on Tuesday.

“Energy shouldn’t be used for political purposes,” Al Ibrahim added.

On November 21, the United States, Britain and Canada imposed unilateral sanctions on Iran’s energy and financial sectors over Tehran’s nuclear program.

EU foreign ministers imposed new sanctions against 180 Iranian individuals and companies on December 1. They, however, did not impose an embargo on the country’s oil sector.

Chairman of the Majlis (parliament) Economic Committee Arsalan Fathipour warned on Saturday that if the West imposes sanctions on the country’s energy sector, global oil prices will soar up to USD 250 per barrel.

Fathipour said, “The sanctions would have no affect on Iran’s economy and Tehran will be the ultimate winner of this game.”

The US, Israel and their allies accuse Iran of pursuing a military nuclear program and have used this allegation as a pretext to convince the UN Security Council to impose four rounds of sanctions on Iran.

Iran has refuted the US-led allegations, arguing that as a signatory to the Nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to develop and acquire nuclear technology for peaceful purposes.