[Peakoil] Iran warns of oil price hike if sanctions imposed

[Antony Barry]

 From http://www.abc.net.au/news/newsitems/200609/s1731576.htm

Last Update: Sunday, September 3, 2006. 0:05am (AEST)

Iran warns of oil price hike if sanctions imposed

Iranian news agencies report that the country has warned major oil- 
consuming nations the imposition of United Nations (UN) sanctions  
over its refusal to halt uranium enrichment will lead to a rise in  
oil prices.

"Sanctions on Iran and a sudden rise in global oil prices would hurt  
the economies of the large oil consuming nations," Deputy Foreign  
Minister Ali Reza Sheikh-Attar was quoted as saying.

"With the rise of every dollar in the oil price, the economy of the  
large oil-consuming nations will be affected.

"We have devised different scenarios for the sanctions, and based on  
the opposite party's action we will implement our plans."

Iran ignored a UN Security Council deadline of August 31 to suspend  
uranium enrichment - a process used to power a nuclear reactor but  
which can also be used to provide the fissile core of an atomic bomb.

The United States, leading the drive to impose sanctions on Iran,  
accuses it of seeking nuclear weapons, a charge it vehemently denies.

Also, Iran will "revise" its policy of cooperating with the UN  
nuclear agency if sanctions are imposed over its nuclear program, its  
representative to the International Atomic Energy Agency (IAEA) says.

"If other erroneous measures are committed and the UN Security  
Council decides on sanctions or punitive measures, there is no doubt  
that the Islamic Republic of Iran will revise its policy of  
cooperation and its engagements laid out in the nuclear Non- 
Proliferation Treaty (NPT)," Ali Asghar Soltanieh told state television.

"We will continue our policy of cooperation only if there are no  
measures against Iran and our rights are not violated," he added.

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