|  | 

Legal Matters

SAUDI ARABIA CANNOT REPLACE IRAN’S OIL IN MARKET: MINISTER

Iran's Petroleum Minister, Bijan Namdar Zanganeh, said Monday, that, Saudi Arabia would not be able to replace Iran's oil share in the global market, official IRNA news agency reported.

Zanganeh's comments came, in response to the recent statements by Saudi Crown Prince, Mohammed bin Salman, that, his country and other producers have already raised their crude output, to replace Iran's share of oil exports in the market.

"Such overstatements could only please Mr. (Donald) Trump. In reality, the market will never believe such claims," Zanganeh said.

Neither Saudi Arabia nor any other oil producers have such capacity to replace Iran's oil in the market, he stressed.

In May, U.S. President, Donald Trump, pulled Washington out of the 2015 international deal on Tehran's nuclear programme and vowed to restore sanctions on Iran's oil exports on Nov 4.

Iran exported at least 2.5 million barrels per day of crude in Apr, before the United States withdrew from the deal.

Source: NAM NEWS NETWORK


The iran News Gazette is mainly concerned with news and information about the Arab region and also covers international issues. Its main objective is to provide reliable and verified information on the Arab region for publishing on the digital landscape.