Iran says, neither Saudi Arabia nor any other oil producer can replace Iranian oil in market

On Monday, Iran’s Petroleum Minister, Bijan Zanganeh said that neither Saudi Arabia nor any other producer have the production capacity that can replace the Iranian oil share in the market,  and quoted that the remarks were made under Trump’s pressure.

In response to the remarks made by Saudi Crown Prince during an interview with Bloomberg on Friday, Iranian Petroleum minister said, “It seems that such remarks have been made under Trump’s pressure”.

Iranian Minister said, “Neither Saudi Arabia nor any other producer have such a production capacity”.

He added, “The market and the increase of prices are the best evidence that the market faces a shortage and it is worried about a severe shortage of oil supply.

He said, “What Saudi Arabia had been supplying the market with, were not from [its] spare capacity but from tapping its oil stocks”.

On Friday, Saudi Crown Prince, Mohammed bin Salman said in an interview to Bloomberg that Saudi Arabia and other OPEC and non-OPEC oil producers have increased the crude oil production by 1.5 million barrels per day on request of and pressure from the United States.

He said, “Actually the request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that. And that happened. Because recently, Iran reduced their exports by 700,000 barrels a day, if I’m not mistaken. And Saudi Arabia and OPEC and non-OPEC countries, they’ve produced 1.5 million barrels a day. So we export as much as 2 barrels for any barrel that disappeared from Iran recently”.

US President imposed sanctions on Iran after he pulled out of Iran Nuclear deal on May 8. Sanctions were to be implemented in two phases, first phase sanctions implemented on August 6, 2018 targeting the metal, coal, software, and auto sector of Iran. Second phase sanctions will be implemented from November 4, targeting oil and gas sector and Central bank of Iran.

CM Jakhar

A news enthusiast by hobby, CM is the founder of Prediction Junction. He is always passionate to dig into the latest in the world and has a natural way of depicting his analysis and thoughts. His main motive is to bring the true and recent piece on where the world is heading.

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