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DUBAI (Reuters) – Iran's oil production will not be replaced by other oil-producing countries if Tehran faces sanctions from the United States in November, Iran's oil minister Bijan Zanganeh said on Monday. to the ministry's website.
FILE PHOTO – Iranian Oil Minister Bijan Zanganeh travels to Vienna, Austria, for an OPEC meeting on June 22, 2018. REUTERS / Heinz-Peter Bader
"As I have said many times, there is no replacement of Iranian oil on the market. Saudi Arabia and Russia have almost reached their highest level of all time and do not have the available capacity to extract more to replace Iranian oil, "he told SHANA.
Washington is pushing allies to zero Iranian oil imports and impose a new round of sanctions on Iranian oil sales in November.
But Iran, OPEC's third largest producer, has repeatedly said its oil exports could not be reduced to zero because of strong market demand, and criticized US President Donald Trump for raised the price of oil in Tehran.
"The knowledge of the market of this inability has pushed up prices, the average price (of crude) … oil prices have slowed the economic growth of most consumer countries, which affects the global economy" , did he declare.
Written by Parisa Hafezi; edited by David Evans
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