OPEC chief Abdalla Salem el-Badri warned that stand off between Iran and the West could damage the world economy and oil investments. It was his most lethal warning until yet defining the escalating tensions between Iran and U.S./European Union over the contradictory assumptions on the nuclear propaganda by the Middle Eastern country.

Abdalla Salem el-Badri who is the secretary general of the Organization of Petroleum Exporting Countries said increasing tensions between the West and Iran were putting pressure on oil prices and an impending explosive situation would turn out to be disastrous with much higher prices.

El-Badri worries for prices on oil that could shoot up beyond $150 a barrel, which would definitively pinch the already groaning world economy. As U.S. and the European Union thatch up a plan to stop Tehran from continuing with its nuclear program, Iran is adamantly resisting the oil embargo by threatening to close the … Read More