A visit from the International Atomic Energy Agency seems to have put a vote by Iranian lawmakers, to stop oil shipments, on hold.

On Sunday, January 29, the vote was postponed.  One factor is debate over how long Iran should block sales of oil to Europe; some lawmakers want a five year block, while others want 15 years.

Iran’s Oil Minister, Rostam Qasemis, has pointed out that stopping oil shipments to Europe, or the United States, will not greatly affect Iran’s oil business. In the case of the EU, he says they get only 20% of Iran’s oil exports.  British media say it’s 25%, but that’s still not enough to adversely affect Iran’s economy.

Qasemis also said Iran is on the verge of being completely independent when it comes to oil industry supplies: “We can produce all the items needed for the (oil) industry inside the country and cut our needs to the foreign counties through relying on the ability and knowledge of local experts.” 

The International Monetary Fund is also warning the West of any stoppage of oil from Iran.  Some Western media reports say the IMF predicts world oil prices could soar 20-30% if Iran halts oil exports.  And that’s only at the beginning of the oil stoppage.

Managing Director of the National Iranian Oil Company, Ahmad Qalebani, said that when oil exports to the EU are ended you can expect oil prices to immediately jump to $150 per barrel.  Again, that will only hurt the U.S. and Europe, not Iran.

In fact the increase in oil prices would only benefit Iran.  At only $85 per barrel, Iranian officials say they will see $57 billion in revenue from March 2012 to March 2013. They’d love $150 per barrel.  And to think our own leaders want to embargo Iranian oil.  (gotta love the global oil industry)