CAIRO: Oil prices continue to rise, reaching their highest level in three days as France called for quicker implementation and enforcement on the ban on Iranian imports. Saudi Arabia has said the world's largest crude oil exporter wants prices at $100 a barrel. Oil prices rose by nearly two percent in New York to go above $100. Saudi's Energy Minister said that this is where prices should stabilize globally for 2012. It comes on the heels of Paris pushing the European Union to end its delay in an embargo against Iran and to look for alternative oil supplies for the continent. Iran, OPEC's second-largest producer, has threatened to block oil shipments through the Strait of Hormuz in retaliation against international sanctions. “The embargo story is certainly not going away,” said David Lennox, an analyst at Fat Prophets in Sydney who forecasts US crude will average $110 a barrel this year. “The Saudis came out and said they were looking to target oil at about $100 a barrel. I suspect that's what the driver has been.” Crude for February delivery rose to as high as $100.40 a barrel in electronic trading on the New York Mercantile Exchange, up $1.70 from the January 13 closing price, and was at $100.35 at 2:24 p.m. Singapore time. Floor trading was shut yesterday for the Martin Luther King Jr. holiday and electronic transactions will be booked with today's for settlement purposes. It also comes as Saudi Arabia said it was looking to boost its own output to offset sanctions against Iran. According to Aramco official Munir Abdullah Abdelaziz, speaking to Bikyamasr.com on Tuesday morning, “we believe that Saudi Arabia can help buttress any shortfall in oil production and exporting that would come with sanctions against Iran.” Likewise, Riyadh has been pushing the sanctions, which could see oil prices rise dramatically. “It is a situation that Aramco and Saudi Arabia can handle and help assist the world in maintaining their levels,” added Abdelaziz. BM ShortURL: http://goo.gl/xKnHx Tags: European Union, featured, Oil, Prices, sanctions Section: Business, Gulf, Iran, Latest News, Saudi Arabia
