May 20th, 2012
05:07 AM ET

Iran finance minister: 'Rest assured' record oil prices over nuclear sanctions

Iran's finance minister believes oil prices could rise as high as $160 a barrel thanks to sanctions over its nuclear program, a prediction that comes just as the chief of the United Nations nuclear watchdog agency headed to Tehran on Sunday for high-level talks.

"We must pay close attention when we speak of oil revenues and sanctions against oil sales, who are the winners and the losers of such sanctions?" Shamseddin Hosseini told CNN's "Fareed Zakaria GPS" in an interview that airs Sunday.

"Indeed, it is difficult. But not just for Iran. And we can all rest assured that there will be a considerable increase in international oil market prices. Now, is this the best approach?"

The comments came as the International Atomic Energy Agency said in a carefully worded statement that its director-general, Yukiya Amano, was headed to Iran for talks on what it described only as "issues of mutual interest with high Iranian officials."

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  1. Big Deal

    The US has never been dependant on Iranian oil, or middle eastern oil for that matter, having never imported more than 6 1/4 % in any given year from that area.
    Like, if it freezes in Canada we pay more for coffee from Columbia, this way oil corporations have of pricing gasoline in the USA.

    May 20, 2012 at 7:27 am | Report abuse |
  2. ruffnutt ( kcmo resident )

    they are going to get their nuke any way.... just let them have it... or blow them up...

    May 20, 2012 at 9:21 am | Report abuse |
    • Pete

      @ruffnutt,its the story of supply and demand,if you need something,you try the barter system,but if anyone that barters with you is punished you'll become "an island to oneself.."Now let them try that,it never worked for anyone else and it won't here!!

      May 20, 2012 at 10:27 am | Report abuse |
  3. Scottish Mama

    Hello Ruffie. Time for a car that does not run on gas that is afordable to the american public. Bye, bye, middle east clutches.

    May 20, 2012 at 10:22 am | Report abuse |
    • mickey1313

      Ironically, in Europe their are cases that get 20 miles to the liter, that's around 80 to the gallon. Where are these cars made, in the US. But the US government has band their sale here to keep gas prices high and taxes following in. We need to end the fascism

      May 20, 2012 at 2:28 pm | Report abuse |
  4. saywhat

    @ Ruffnut
    Good morning
    It really amazes me how easily the words 'blow them up" and "nuke them" roll off our tongues.
    Undoubtedly we have over time been conditioned to think like that. Good for the ruling elite.
    As for Iran, I have been saying it all along and will say it again that the madness whipped up by Armageddon nuts on our soil, the religious right, wing-nuts at the command of those pulling the strings elsewhere would surly lead this country and the world into a disaster.
    Unless of course we manage to grab onto some semblance of rational thought.

    May 20, 2012 at 10:24 am | Report abuse |
  5. Scottish Mama

    @Saywhat- Time for a change for the better. Less dependence means not making a deal with the devil(s). The oil elite are freaking out and trying to go into other businesses, fracking, water rights, and what can fill their wallets.

    May 20, 2012 at 10:34 am | Report abuse |
  6. Pete

    Remember too,their dependance for things being imported will understandably soon overwhelm their president and countries arrogence for power and recognition being seen and felt now internationally.Their place in international economics will suffer with time and lack of demand,for their only resource ,oil..

    May 20, 2012 at 10:39 am | Report abuse |
    • Scottish Mama

      And the people will get tired of not having the "creature" comforts, and rise to get a new government?

      May 20, 2012 at 11:23 am | Report abuse |
  7. ruffnutt ( kcmo resident )

    they should just let em have the thechnology anyways.... they'll have it in 5 years anyways... why not be frienldly to them..
    .
    if they get outta control we can just dump a few vials of small pox out on them..

    May 20, 2012 at 11:39 am | Report abuse |
    • mickey1313

      We should do that now, it worked for the Spanish against the native americans.

      May 20, 2012 at 2:31 pm | Report abuse |
  8. james ainoris

    Its crazy...I have a sticker on my tool box from1980 when i turned 18 and registered for the draft.... The sticker says we should fight with Iran etc. I studied and found out that before 79 they were our friends.... we have their demoratically elected president removed (cia) since he wanted to nationalize irans oil and cancel lucrative oil contracts with BP and shell exxon etc. We inserted the Shah who robbed iran and caused the Islamic revolution... The Shah was given an estate in Virginia... Sadly the youth of Iran does not hate america or Israel...and we should help them overthrow old order..They do have a legitimate reason not to trust us or europe... a similar thing happened in china and led to Mao and the "great leap foward" in which 100million innocent chinese were murdered by the PLA (wallmart consutants)..Lets have positive change without war... but if they are close to havin n-ke on a missile pointed at Israel.... we need to neutralize such a threat asap... what would we do if mexico threatened usa

    May 20, 2012 at 2:50 pm | Report abuse |
  9. james ainoris

    Its crazy.I have a sticker on my tool box from1980 when i turned 18 and registered for the draft..The sticker says we should fight with Iran etc. I studied and found out that before 79 they were our friends.we had their demoratically elected president removed (cia) since he wanted to nationalize irans oil and cancel lucrative oil contracts with BP and shell exxon etc. We inserted the Shah who robbed iran and caused the Islamic revolutionThe Shah was given an estate in Virginia. Sadly the youth of Iran does not hate america or Israel.and we should help them overthrow old order!They do have a legitimate reason not to trust us or europe.a similar thing happened in china and led to Mao and the "great leap foward" in which 100million innocent chinese were murdered by the PLA (wallmart consutants)Lets have positive change without war but if they are close to havin n-ke on a missile pointed at Israel we need to neutralize such a threat asap.what would we do if mexico threatened usa ? James Ainoris

    May 20, 2012 at 2:55 pm | Report abuse |
  10. Greek American

    Why does Iran think that nobody buying their oil will cause the overall price to rise?

    May 20, 2012 at 4:31 pm | Report abuse |
  11. BOMBO ©

    Speaking as an Albertan, I say "YES!"

    May 21, 2012 at 12:30 am | Report abuse |
  12. Time Leverage Capital News

    "Oil Little Changed as Jobless Claims Curb Gasoline Rally"

    – Oil was little changed as gasoline and heating oil futures climbed while more Americans than

    forecast applied for unemployment benefits.

    – Oil for October delivery settled at $91.87 a barrel on the New York Mercantile Exchange, the fourth

    consecutive decline.

    – Total gasoline inventories fell 1.41 million barrels to 196.3 million, the eighth consecutive

    decline and also the lowest level since October 2008.

    Regard

    Time Leverage Capital

    September 22, 2012 at 10:10 am | Report abuse |