Iran's Economy Min. Believes Oil Price Will Rise to Dlrs160

Tehran, May 21, IRNA -- Minister of Economy and Finance Shamseddein Hosseini said on Sunday that he believes oil prices could rise as high as $160 per barrel if the European Union sanctions go into effect from July 1. "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?" Hosseini told CNN's "Fareed Zakaria GPS". "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?" Hosseini said the sanctions would hurt the EU, which is grappling with its own weakened economy. Oil prices as a result of the sanctions, he said, "will go considerably higher than $100 per barrel." Even the International Monetary Fund "says as a result of these sanctions, oil prices will perhaps reach and hover around $160 per barrel," he said. "There are conversations and dialogues taking place currently, but there cannot be a hegemony and a double-standard in the treatment of member countries such as Iran," he said. "If these principles can be understood and applied with mutual respect, I think we will be in a much better place. If we don't, we will witness a increase in international oil markets."/end