Official says S Arabia unable to replace Iran’s oil

TEHRAN, Oct. 07 (MNA) – Iran’s Oil Sales Official in previous sanctions period Mohammad-Ali Khatibi said that Saudi Arabia and other Organization of Petroleum Exporting Countries (OPEC) and even non-OPEC member states are unable to compensate such huge oil production volume.

He put the country’s oil exports volume at 2.8 million oil barrels per day (bpd) and reiterated that OPEC and non-OPEC member states cannot make up for Iran’s huge oil production volume in the international markets.

He pointed to the remarks of Saudi Arabia’s Defense Minister Mohammad bin Salman on compensating 700,000 barrels of Iran’s oil production volume at the market and said, “Iran’s reduced 700,000 oil barrels has not been compensated by Saudi Arabia while this country can make up for only 200,000 to 300,000 oil barrels per day, so that its remaining part has been compensated by other OPEC member states especially Russia as the most powerful non-OPEC member state.”

Islamic Republic of Iran enjoys high potential in exporting oil to target markets and put country’s oil exports volume per day at 2.8 million, he maintained.

Compensating Iran’s oil reduction volume at the market in order to reduce oil price is the main objective followed up by the United States, he said, adding, “not only the United States is not able to compensate Iranian oil, but also oil price reduction has not been materialized, rather, Iran is witnessing oil price hike in the international level.”


News Code 138410


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