Iran predicts global oil prices to soar by 50 per cent. 70 EU refineries to shut for Iran ban' '70 EU refineries to shut for Iran oil ban' Swiss-based Petroplus refinery The head of Italy's refiners' lobby says the European Union (EU) embargo on the Iranian oil sector will lead to a speedy closure of about 70 European refineries.
“Italy already risks the closure of five refineries and at a European level we're talking about 70 possible shutdowns,” Piero De Simone, general manager of Unione Petrolifera, told Bloomberg. He expressed concern over the unilateral sanctions on the Islamic Republic, saying the embargo will help the Asian oil importers will thus be more powerful to undercut their European competitors. Oil buyers victims of EU Iran sanctions' 'Oil buyers victims of EU Iran sanctions' Royal Dutch Shell Chief Executive Peter Voser Royal Dutch Shell chief executive says oil consumers are the losers in the European Union's game to impose sanctions on Iran's oil sector, saying the embargo will increase global oil prices.
“From a purely commercial perspective, the losers are consumers because at the end of the day, it gives us more volatility and upwards pressure on the oil price,” Peter Voser told the annual World Economic Forum in Davos on Friday.