The New Nation - Internet Edition

Staff Reporter

In case of any attack on Iran by the USA over nuclear programme, the world's oil price will run upwards at a hurricane speed, jeopardizing the world economy because the oil crisis will help abnormally lifting of prices of every commodity world wide, observes opine. However, they say that it is unlikely as Iran is the second largest oil producer country after Saudi Arabia.

Iran produces 40 lakh barrels of oil per day and has a reserve of 112 billion barrels, 11 percent of the world's total reserve. Iran exports 25 lakh barrels of oil every day of which Greece is the largest importer, 24 percent. Turkey imports 22 pc, Belgium 14 pc, Italy 11 pc, Japan 10 pc, France 7 pc and China 4 pc. One estimate claims that China is going to be the largest oil consumer in the world very shortly and it may gear up the present price level.

In case of any invasion, Iran, will surely block the Strait of Hormuz which controls 80 percent of the world oil navigation, transmitting an warning to all concerned that the world economy will be in jeopardy. Iran has meanwhile built powerful Armed Forces and has also been able to recover the losses of the nine years Gulf War triggered by late Saddam Hussain, Ex. President of Iraq, hanged to death by the US backed Baghdad Government for murdering own people sometimes during the eighties. There is neither ethnic crisis nor religious conflict within the country. The whole nation will stand in one in their own interest and will vow to defend the territory till death. So, the USA will make a mistake if the hawks within the US Government provoke to take an imprudent decision.

The oil price is already hovering 100 dollar per barrel, which has forced the developing nations to cut development plans to meet the extra oil cost. There is no doubt that the oil price will sharply increase at an incredible rate if Iran is invaded for nothing and the countries like Bangladesh will be in great troubles. It is true that the USA will face a little problem because the country has a reserve of 23 billion barrels, just two pc, and produces 6 lakh barrels per day, interestingly far short of annual demand.

Saudi Arabia is the world's largest oil producer with 80 lakh barrels per day and has a reserve of about 260 billion barrels, 24 percent of the world's total reserve. The UAE has a reserve of 99 billion barrels, nine pc, Kuwait 95 b barrel, nearly nine pc, and Iraq 90 b barrel. Kuwait and Iraq each produces 20 lakh barrels.

Observers believe that the main reason behind invasion of Iraq was oil. The whole country is now under US control and losing oil benefits. However, the matter will not be easy so far Iran is concerned. Still, the peace loving people of the world there will be no more Gulf War.