OPEC: "Unlimited" price growth for oil in case Iran is attacked

The oil price will see an „unlimited” growth in case of a military conflict involving Iran, since the OPEC member states will not be able to supply the oil production of the country, said the OPEC secretary general, Abdalla Salem El-Badri, according to International Herald Tribune.

„We can’t replace the Iranian oil production, it is not possible”, said the OPEC official.

Iran is the second largest oil producer in Iran, producing some 4 million barrels per day, out of a global production of 87 million barrels. During the past two weeks, the oil price increased in a spectacular manner, fueled by speculations regarding a possible attack against Iranian nuclear facilities.

The crisis was deepened by the Iranian ballistic missile tests.

Traders fear that a conflict in the region may block the Hormuz narrow sea, which is the corridor for some 40% of the oil ships worldwide.