Iran crisis to hit 10 oil-starved nations

Image: A combination photos shows images of signs on the booths of foreign participants at the 16th International Oil, Gas & Petrochemical Exhibition (IOGPE) in Tehran.
Photographs: Morteza Nikoubazl/Reuters.

An oil crisis is set to further shatter the fragile global economy. Oil prices, which are trading at $106 are likely to coss $250 per barrel due to the crisis in Iran and a fall in global demand.

A slowdown in China, world's second largest consumer has cut down demand for crude oil dratically. The Euro zone has also seen a further drop in oil consumption.

With European Union sanctions from July 1, 0.6 million of barrels of oil will be off the market per day, resulting in an immediate hike of crude oil prices at $130/barrel, says Business Insider.

The highest importers of oil from Iran will be worst affected by the Iranian crisis, according to Business Insider.

Click NEXT to find out which countries will be the worst hit due to the Iranian crisis...

Tags: Iran , European Union , China , Iranian

Iran crisis to hit 10 oil-starved nations

Image: A security personnel stands guard at the Yanshan oil refinery of Sinopec Corp in Beijing.
Photographs: Petar Kujundzic/Reuters.

1. China

Oil import from Iran: 550 thousand barrels/day

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Tags: Iran

Iran crisis to hit 10 oil-starved nations

Image: Engineers of Oil and Natural Gas Corp (ONGC) stand inside the Kalol oil field in Gujarat.
Photographs: Amit Dave/Reuters.

2. India

Oil import from Iran: 320 thousand barrels/day

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Iran crisis to hit 10 oil-starved nations

Image: An employee cleans as a sign reading
Photographs: Toru Hanai/Reuters.

3. Japan

Oil import from Iran: 310 thousand barrels/day

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Iran crisis to hit 10 oil-starved nations

Image: An employee fills the tank of a car at a petrol station in Seoul.
Photographs: Jo Yong-Hak/Reuters.

4. South Korea

Oil import from Iran: 220 thousand barrels/day

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Iran crisis to hit 10 oil-starved nations

Image: A fishing boat passes in the foreground as the Leiv Eiriksson, an oil drilling platform, makes its way through the Bosphorus in Istanbul.
Photographs: Murad Sezer/Reuters.

5. Turkey

Oil import from Iran: 190 thousand barrels/day

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Iran crisis to hit 10 oil-starved nations

Image: A driver refuels his car at a gas station in Milan.
Photographs: Alessandro Garofalo/Reuters.

6. Italy

Oil import from Iran: 180 thousand barrels/day

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Iran crisis to hit 10 oil-starved nations

Image: Flames come out of chimneys at Repsol's oil refinery in Cartagena, eastern Spain.
Photographs: Francisco Bonilla/Reuters.

7. Spain

Oil import from Iran: 160 thousand barrels/day

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Iran crisis to hit 10 oil-starved nations

Image: An employee of a gas station fills a car tank in Athens.
Photographs: Yiorgos Karahalis/Reuters.

8. Greece

Oil import from Iran: 110 thousand barrels/day

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Iran crisis to hit 10 oil-starved nations

Image: Fire fighters extinguish a fire at the Engen oil refinery in Durban.
Photographs: Rogan Ward/Reuters.

9. South Africa

Oil import from Iran: 60 thousand barrels/day

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Iran crisis to hit 10 oil-starved nations

Image: View of the independent European Petroplus Refinery site in Petit Couronne, one of the company's five sites in Europe.
Photographs: Jacky Naegelen/Reuters.

10. France

Oil import from Iran: 50 thousand barrels/day

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