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Oil prices could jump to $100 per barrel
Oil prices could jump to $100 per barrel if economic sanctions are imposed on Iran over its controversial nuclear programs, a former German chancellor said Monday. With current oil prices at a $68.5 per barrel, many experts fear that imposing sanctions on Iran, the no.2 producer in OPEC, might lead to the Islamic Republic suspending crude exports, which would force prices even higher. Speaking at an investment conference in the Russian capital, Gerhard Schroeder said Europe was against imposing UN sanctions on Iran because it could hit many countries economically. However, the ex-German leader, who was succeeded by Angela Merkel after elections last summer, said Europe and the United States should support the forces within Iran that promoted reforms and could lead the country toward gradual integration into global economy. Schroeder, who became chairman of the shareholder's committee of the North European Gas Pipeline from Russia to Germany at the end of last year, said that 50% of energy resources were exported from countries with unstable political situation, which threatened the global security. The former chancellor also said that Europe played an important role as an intermediary in the peaceful resolution of conflicts in the Middle East.
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