The energy trading company said on Tuesday that the rise in crude prices to above USD 120 per barrel had more than compensated Tehran for the revenues lost due to lower crude exports.
Vitol's chief executive, Ian Taylor, said, “I reckon they are probably quite close to winning based on the numbers. That was what everybody in the industry always thought would be the likely result.”
He noted that the decline in the value of the euro versus the US dollar had also lifted the cost of dollar-denominated oil sales for the European Union countries.
“The politicians are all avoiding the subject at the moment, but, as you know, oil is extremely expensive, especially in euros,” Taylor said.
On Tuesday, Brent crude was traded close to USD 121 per barrel, up from USD 107 at the start of the year.
The Vitol chief executive also warned that crude prices could spike above USD 150 per barrel if tensions over Tehran’s nuclear energy program escalated into a military confrontation.
“I used to think this would never happen, but everyone you speak to says the Israelis will have a go at striking at Iranian nuclear sites,” Taylor added.
After EU foreign ministers decided to ban the import of Iran's oil by member states in their January 23 meeting, Iran said it would cut oil exports to six European countries, including the Netherlands, Spain, Italy, France, Greece, and Portugal.
The country officially announced on February 19 that it would sell no more oil to the British and French companies.
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Publish Date: 22 February 2012 - 11:05
The world's leading oil trader, Vitol, says the Islamic Republic of Iran has earned more from its crude output due to an increase in global oil prices, despite West-imposed sanctions.