Oct 8, 2018, 6:21 PM
News Code: 83059064
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Petroleum minister: Even Saudi Arabia unable to replace Iran's output

Tehran, Oct 8, IRNA - Petroleum Minister Bijan Zangeneh said on Monday that no country in the world and even Saudi Arabia cannot replace Iranian petroleum output.

He said in response to recent allegations made by Saudi officials on replacing Iranian petroleum output.

Such allegations have roots in the pressures exerted by the US on Saudi officials and in fact no one in the world (even Saudi Arabia) are able to do so, Zangeneh added.

Recently one of the Saudi officials has claimed that they produce two oil barrels in the absence of one barrel of Iranian oil; he said, adding that such nonsense might satisfy the US president, but the market never believes such allegations.

Rise in the market indicates that the market suffers from shortage of petroleum and all are now concerned for such severe lack of production, he said.

Saudi Arabia has pumped its reserve to the market which has nothing to do with extra output, he said.

Oil dealers underlined that Saudi Arabia is unable to swiftly increase its output and lack the mechanism to compensate Iran's probable decrease.

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