Saudi, Russian oil output unable to compensate for Iranian crude: Iran Oil Minister Zanganeh
Washington is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian oil sales in November.
)
04:08 PM IST
Iranian oil output cannot be replaced by other oil producing countries if Tehran is hit by sanctions by the United States in November, Iranian Oil Minister Bijan Zanganeh told the Ministry`s website SHANA on Monday.
"As I have repeatedly said there is no replacement for Iranian oil in the market. Saudi Arabia and Russia`s output is near their highest level ever and they have no spare capacity to pump more to replace Iran`s oil," he told SHANA.
Washington is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian oil sales in November.
But Iran, OPEC`s third-largest producer, has repeatedly said that its oil exports cannot be reduced to zero because of high demand levels in the market and has blamed U.S. President Donald Trump for an oil price rally caused by the sanctions on Tehran.
Watch this Zee Business video
"The market`s knowledge of this inability has raised the prices as the average price (of crude) ... oil prices had slowed down the economic growth of most of the consumer countries, which is affecting the global economy," he said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
)
)
)
)
)
)
)
)
)
)
)
Crude oil prices may rebound as supply tightens and geopolitical tensions ease, say experts
Currency Market News: Rupee rises 23 paise to 85.49 vs dollar 
Why India isn’t panicking over potential oil shock amid Strait of Hormuz blockade fears
Rupee falls 12 paise to 86.09 as crude oil prices stay firm after brief dip
