OPEC: War With Iran Would Cause ‘Unlimited’ Oil Price Hike
The price of oil is bad now, but it could get much worse, according to OPEC Secretary-General Abdalla Salem el-Badri, if Iran became embroiled in a military conflict with the U.S. or Israel. If a war occurs, Badri says, there's no telling how high oil prices might climb.
The price of oil is bad now, but it could get much worse, according to OPEC Secretary-General Abdalla Salem el-Badri, if Iran became embroiled in a military conflict with the U.S. or Israel. If a war occurs, Badri says, there’s no telling how high oil prices might climb.
TRUTHDIG’S JOURNALISM REMAINS CLEARInternational Herald-Tribune:
“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.”
The storytellers of chaos tried to manipulate the political and media narrative in 2025, but independent journalism exposed what they tried to hide. When you read Truthdig, you see through the illusion.
Support Independent Journalism.
Opinion
George W. Bush's vice president was probably the most powerful veep in history, but at America's expense.
Opinion
There's no doubt that it's bad. But that's nothing new, and in the absence of hope, we can at least keep perspective.
Business & Economy
While we struggle, they scheme: How a Trump crash could line the pockets of America’s elite
TD Interview
A new book offers a personal and political history of Bush-era America and its imprints on the present.
Wounds of War
Two decades after being brutally tortured, three Iraqis have brought a lawsuit against the U.S. military contractors responsible.
Opinion
The current crisis in Israel and Palestine draws stark comparison to the aftermath of 9/11.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.