EU ban on Iranian oil will boost prices: OPEC chief

TEHRAN,Jan.31(MNA)--OPEC Secretary General Abdullah al-Badri said on Monday that the European Union's embargo on Iranian oil exports will add upward pressure to oil prices. The EU has raised pressure on Iran, the second-largest producer within OPEC, over its nuclear program by banning Iranian oil from July 1. Tehran has said it may cut off supplies to some unspecified countries. "This will increase volatility in the market, there is no doubt about it," Badri told Reuters. "For sure, there will be upward pressure for a certain period of time." "The embargo really is not the best tool to talk to any country," he added, asked whether he considered the EU's move unwelcome. "Dialogue is the only way that we can solve any problem, rather than the threat here and there." Iran has come under unprecedented pressure for its nuclear program. Tehran says its nuclear program is only intended for electricity generation and medical applications.