Ban on Iranian oil will upset our economy

Ban on Iranian oil will upset our economy

Our economy is bound to be affected by the closure of Strait of Hormuz route and US ban on the Iranian oil. Our economy is already facing a tough time as Rupee is at its lowest against the US Dollar.

'; } } } if (google_ads[0].bidtype == "CPC") { google_adnum = google_adnum + google_ads.length; } document.write(s); return; } google_ad_client = 'pub-9372192619832074'; google_ad_channel = '9759277419'; google_ad_output = 'js'; google_max_num_ads = '2'; google_ad_type = 'text'; google_image_size = '728x90'; google_feedback = 'on'; google_skip = google_adnum; // --> RUPEE IS getting weaker day by day in the global market and it is pathetically low at Rs 53 plus against the US Dollar. Crude may remain $ 100 or above in 2012 and the New Year is going to be a crucial year as far as the prices of Crude Oil are concerned. There is no way that the Crude oil will be cheaper; it is bound to vary between $ 100 and $ 120 per Barrel without fail.
The main factor will be the ongoing political conflict between Iran and the US. Certainly their conflict will affect the global market and so the economy of our Country too.

Iran has very recently threatened to cut off about fifth of the World?s Oil Supply by closing Strait of Hormuz. The unrest in Iraq will be yet another important factor in the prices of Crude Oil during the year 2012.

The United States and some of the European countries are very strongly pressurizing Iran in ending its nuclear programmes which Iran is unwilling to do.

Iran has already refused their move despite four rounds of sanctions imposed by the United Nations Security Council. The US and other European countries have thus decided to boycott the Iranian oil.

US President Obama is going to sign legislation and if approved and enforced, he may impose harsh penalties on all the buyers of the Iranian Oil.

Besides with the closing of Strait of Hormuz route, the sailing of Iranian oil tankers will take much longer time to deliver the consignments and with extra time consumption, oil will become dearer too. Our economy is bound to be effected by the closure of the route and the ban.

Source: http://www.merinews.com/article/ban-on-iranian-oil-will-upset-our-economy/15863359.shtml

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