Zanganeh: Saudi Arabia and UAE overstate their oil capacitiesChristian Fernsby ▼ | April 27, 2019
Iranian Oil Minister Bijan Namdar Zanganeh believes that Saudi Arabia and the United Arab Emirates overstate their oil capacities.
Asia Oil Minister Bijan Namdar Zanganeh
"I believe they (Saudi Arabia and the UAE) are overstating their oil capacities,"Zanganeh said.
Earlier, Washington has decided not to renew its exemptions from U.S. sanctions to buyers of Iranian oil. A senior U.S. administration official said on Monday that President Donald Trump was confident Saudi Arabia and the United Arab Emirates would fill any gap left in the oil market.
Saudi Arabia’s energy minister said he saw no need to raise oil output immediately after the United States ends its waivers, but added that the kingdom would respond to customers’ needs if asked for more oil. ■