By Omoh Gabriel with Agency report
Following the International Atomic Energy Agency’s (IAEA) disclosure that Iran may be seeking a nuclear weapon, experts say oil could exceed $150 on rising political tensions in the Middle East and hit the $200 level if Israel attacks Iran. Khalid Al Awadi, a Gulf energy analyst in the Gulf, puts forward this scenario.

Awadi said that “If Israel attacks Iran; oil prices may well spike to $200 a barrel. The movement of oil in the Strait of Hormuz, through which major shipments from the region pass, will get disturbed, which may lead to higher costs of insurance and shipping.”

Something has to be done with Iran. The UN has passed four rounds of sanctions to no ava Bush administration tried diplomacy behind a united Western front. The Obama White House is essentially pursuing the same strategy and preaching the same one-word piece of advice: “Patience.”

And that buys Iran time, the one commodity it needs to allow it to achieve its nuclear ambitions. By sticking to their ineffectual diplomatic efforts, the UN, White House and Western nations are creating a potential chaotic situation for oil. And it could take us directly into another Great Depression before we know it.

International oil prices may top $150 a barrel on rising tensions in the Middle East over Iran’s nuclear programme, which potentially, could send the global economy back into recession, according to experts.

Israel’s leadership remained silent on a report leased late on Tuesday by the International Atomic Energy Agency (IAEA) claiming that Iran might be seeking a nuclear weapon. Israel’s defence minister warned last week of a possible Israeli military strike against Iran’s nuclear programme and rejected suggestions the Jewish state would be devastated by an Iranian counter-attack.

The United Nations has imposed four rounds of sanctions on Tehran, but none has succeeded in curbing Iran’s nuclear ambitions. Iran has throughout maintained that its nuclear programme is entirely for civilian purposes. In the meantime, the International Energy Agency (IEA) has said oil prices could reach $150 per barrel in the near term if investment in the Middle East and North Africa’s oil-producing regions falls significantly from the $100 billion per year required.

Investors may get visas at point of entry President Goodluck Jonathan said in Abuja that he had

directed the Ministry of Interior to ensure that investors coming into the country got visas at the point of entry. Speaking at the 17th Nigeria Economic Summit (NES) Jonathan said: “In terms of our visa policies, I have directed all the ministries to be very creative; to be very innovative.

For example, I have directed the Ministry of Internal Affairs, to ensure that business people coming into Nigeria for programmes and short investment drives and so on, don’t need to go through the rigours of going from one office or the other to get visas.

“They should come up with policies that such people can get visas at the airport; come in and do their short meetings or do their surveys and go back.” Jonathan said that chief executive officers of global organisations whose characters were not questionable did not need to pass through the rigours of visa issuance to carry out investment drives in Nigeria. He challenged all ministries, departments and agencies to be creative and innovative and to adopt global best practices in what they do.

This, he said, would add value to governance; improve the economy and the image of the country. The president noted that government will continue to work to strengthen the economy, adding that positive perception of the international rating agencies should be a source of motivation. He said the nation’s annual population growth rate of 2.2 per cent remained a challenge for government to tackle as infrastructure must be provided to support the trend. He said there were opportunities for investments in various sectors of the economy which must be explored to achieve the nation’s goals.

“We see opportunities for investment in power generation, transmission and distribution; we see opportunities in mining of non-oil minerals as well as processing of agricultural products to add value to our produce.

“We see opportunities for investment in the transport sector as well as tourism, health, education, aviation and fast moving consumer goods.” The president commended the efforts of the organisers of the summit and assured that the recommendations would be effectively used by government.

Jonathan said the summit had contributed to bringing solution to issues critical to development in the country. He urged participants to make meaningful contributions that will help government to achieve its goals in ensuring that the nation’s economy was duly transformed.