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Unlikely anyone could replace Iran in oil market, says minister

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Staff Writer | October 10, 2018
The Iranian Minister of Petroleum, Biyan Namdar Zangane, said that it is unlikely that anyone could replace in the world market the crude production of the Persian country.
Bijan Zangeneh
World   Minister of Petroleum, Biyan Namdar Zangane
Zangane's statements, released today, responded to the Saudi Crown Prince, Mohamed bin Salman, who pledged to cover the damage, caused by U.S. sanctions against Iran.

Apparently that type of criteria is due to pressure from US President Donald Trump to calm the market, said the headline. According to Zangane, neither Saudi Arabia nor any other has the capacity to replace the Iranian extraction that occupies the sixth place in the world with more than three million 600 thousand barrels per day.

'The rise in prices is the best proof of the shortage of supply and Trump is seriously concerned about that reason,' he said.

According to Zangane, the oil with which Saudi Arabia increased its presence in the market, does not come from an increase in its pumping, but from its reserves, he said. Anyone who talks about compensating for the loss of Iranian oil imports, he added, utters mere words that will only have a passing psychological effect.

The exit of Iran in the world market is derived from Trump's announcement of more sanctions against the Islamic Republic scheduled for next November.