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Iran Oil Minister Says Oil Sanctions Damage World Economy

Sanctions imposed on Iran will damage the world economy and increase oil-price volatility, Iran’s Oil Minister Rostam Qasemi said today.

“Sanctions ultimately will lead to a sharp swing in the price of oil,” the minister said. He spoke at the International OPEC Seminar in Vienna, a day before the Organization of Petroleum Exporting Countries meets to determine output levels. Crude exports from the country are the target of sanctions from the U.S. and a European Union ban on buying the country’s oil takes full effect on July 1.

Qasemi didn’t comment in his speech on whether Iran seeks any change in OPEC’s production target and declined to comment to reporters earlier today in Vienna.

To contact the reporter on this story: Fred Pals in Vienna at fpals@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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