Envoy: Stopping Iran oil exports completely not possible
Algiers, Thanks to the conditions in Market and the amount of oil produced by OPEC and non-OPEC member-states, threats on reducing Iran oil exports to zero is not possible, Iran's representative to OPEC said.
Speaking in an exclusive interview with the Islamic Republic News Agency (IRNA) on Monday, Hossein Kazempour Ardabili said the conditions of the market and the production of countries are not ready for finding a replacement for Iranian oil and removing it from oil market.
Global demand for oil will still continue if it insists on reducing Iran's oil exports under US sanctions, he added.
Some parties, like Saudi Arabia, claim to have a surplus capacity, but we have not seen such increase in oil production, Kazempour Ardabili noted.
Saudi Arabia will not be able by itself to become a substitute for Iran oil, he reiterated.
Russia has surplus reserves, Kazempour Arabili said, adding that it had already cut its production by 300,000 barrels and has now returned around 265,000 barrels per day to the market.
'I think that all producers will not also be able to replace what US President Donald Trump claimed,' he said.
Kazempour Ardabili went on to say that rumps will have to be somehow more flexible toward Iran oil buyers.
All OPEC members will not be able to compensate for 2,300,000 barrels of Iran oil in the market, Iranian envoy said.
Iran has maintained its production and supplied about 3,805,000 barrels, Kazempour Ardabili said, adding that we are continuing to produce, that is, Iran's oil production is about seven or eight thousand barrels more than its quota at OPEC.
The prolongation of the US sanctions against Iran will lead to a sharp rise in prices, which will incite the international community against the US, he reiterated.
Elaborating on the US president's attempts to decrease Iran oil exports, Kazempour Ardabili said Trump has to change his positions and, be more flexible with some consumers to continue to buy oil from Iran.
Iran has already agreed to reduce OPEC and non-OPEC crude production by 1,800,000 bpd and signed the agreement and now it does not oppose it, and agrees to 100% exploitation, he said.
The agreement was signed in 2016 and the members tried to withdraw from the market the reserves that had been added in 2014 to 2016, he said.
He went on to say that all OPEC members are after preserving 80 dollar price, he said that their decision to decrease their price maybe due to political aims and accompanying the US.
Saudi Arabia and the UAE may do the same, of course, Russia may have some increase in production to stabilize its share in the future.
Source: Islamic Republic News Agency - IRNA