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.
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
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
04:08 PM IST