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Joined: 07 Feb 2005
Posts: 23
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 Posted: Wed Jan 18, 2006 2:42 am Post subject: World 'can't afford' to lose Iran oil - - Reuters |
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A disruption in Iran's crude oil exports because of a dispute over that country's nuclear program would affect an already tight global oil market and lead to higher petroleum prices, the head of the US Energy Information Administration warned today.
"The market is so tightly balanced, clearly, we can't afford to lose a large supply of crude to the market," EIA chief Guy Caruso said.
Even though the United States does not directly import Iranian crude, Caruso said a cutoff of Iran's oil would affect the US market because other countries that buy Iranian crude would compete with America to find new supplies.
"It's a fungible world oil market, and any disruption in supply affects everyone, because the price would go up for everyone," he said.
Caruso declined to say whether a disruption of Iran's oil exports would have an impact significant enough to spike oil prices to $US100 a barrel.
"I wouldn't want to speculate on that. Hopefully (the nuclear dispute) would be resolved without any disruption of supply," he said. |
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