• Tue / 9 October 2018 / 11:15
  • Category: Economy
  • News Code: 97071709636
  • Journalist : 71477

Saudis not replacing Iran’s oil exports: oil minister Zanganeh


Tehran (ISNA) - The market will never buy Saudi Arabia’s claim that it has been compensating for the loss of Iran’s oil exports, Iranian Oil Minister, Bijan Zanganeh said, adding that Saudi Arabia officials have been claiming they are able to offset Iranian losses under U.S. pressure.

“Such brags would only satisfy US President Donald Trump but the market would never buy such a claim,” Iran’s Oil Ministry’s news service Shana quoted Zanganeh as saying, in response to last week’s remarks by Saudi Crown Prince Mohammed bin Salman that the Saudis were offsetting Iranian losses and even more.

“It seems that such remarks were made under U.S. pressure on Saudi authorities; otherwise in reality, neither Saudis nor any other countries could replace Iran’s exports,” the oil minister of Iran said in reaction to the Saudi claim, OilPrice reported.

He once again insisted that Iran’s export can’t be completely halted.

According to the Iranian minister, the higher Saudi supply to the market in recent weeks is the result of tapping its oil inventories rather than tapping into its spare capacity.

“The market and rising prices are the best evidence of concern that the market is in short supply and is rightly nervous about the severe shortage of oil in the coming months,” Zanganeh was quoted as saying.

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