Oil confirms that oil prices will rise to double in the event of closure of the Strait of Hormuz

[Sara Johnson]

Oil confirms that oil prices will rise to double in the event of closure of the Strait of Hormuz

27/01/2012 PM - 3:46 p.m. | Hits: 46

Confirmed that the Iraqi Oil Ministry that oil prices will rise to about twice the price in case of closure of the Strait of Hormuz.

A spokesman for the Ministry of Oil, Assem Jihad, said that "all the producing countries and oil-consuming nations will be affected in the event of closing the Strait of Hormuz," adding that "the strait pass through it daily about 17 million barrels of oil and its closure will be affected by all these countries, especially the producing countries that are not possess an alternate port" .

The spokesman added that "Iraq has the north of the port can export oil through it in the event of closing the Strait of Hormuz."

The official emphasized that "If you shut down the Strait of Hormuz, even if for short hours, the price of a barrel of oil will rise a lot and if it closed for long periods may double the price per barrel, which would negatively affect the global economy will impact on everyone."

He was a former Iraqi oil minister Ibrahim Bahr al-Ulum, said that more than 16 million barrels of oil transported daily through the Strait of Hormuz, including 1.7 million barrels from Iraq, closing the Straits of this country will lose $ 250 million every day

http://www.burathanews.com/news_article_147333.html

[Luigi1]

Oil confirms the price of oil will double if the Straights are closed.

Oil confirms Iran will have a Navy at the bottom otf the Straights...all two cruisers & 2 submarines.

[amhvl]

all two cruisers & 2 submarines.

That's more then I thought they had...

[cooked]

That's more then I thought they had...

Yeah but they are remanufactured old ww11 japanese ships.

[SgtFuryUSCZ]

Yeah but they are remanufactured old ww11 japanese ships.

***///

...and 1 dead drone.

[splicer09]

Oil confirms the price of oil will double if the Straights are closed.

Oil confirms Iran will have a Navy at the bottom otf the Straights...all two cruisers & 2 submarines.

Wow what a fleet.

[3keepfaith]

Oil confirms the price of oil will double if the Straights are closed.

Oil confirms Iran will have a Navy at the bottom otf the Straights...all two cruisers & 2 submarines.

They'll probably start pulling up all of ours that Obama is sinking.