You are here: Home » PTI Stories » National » News
Business Standard

Iran says Saudi claims to replace its oil 'unbelievable'

AFP  |  Tehran 

Iran's minister said on Monday that the market will never believe "exaggerated" claims by that it can replace Iranian shipments lost due to renewed US sanctions.

"Such exaggerations might please Mr Trump, but the market will never believe them," said, according to the ministry's SHANA site.

"These statements were made due to Mr Trump's pressure on Saudi authorities. In reality, neither nor any other has such a capability," he added.

Saudi Crown told on Friday that "did (its) job and more" by making up for the recent drop in Iranian

He said Iran's sales had fallen by 700,000 barrels per day since the announced in May that it was pulling out of the 2015 nuclear deal with and reimposing sanctions on its

Precise figures are unavailable, not least because has begun switching off tracking devices on some since the threat of sanctions returned, according to analysts.

was exporting between 2.5 and 2.7 million bpd in April before the US announced the return of sanctions.

"We export as much as two barrels for any barrel that disappeared from Iran recently," Mohammed told

But Zanganeh retorted that the Saudis had only opened up "their previous reserves" to the market and that their output capacity had not increased.

The Saudi statement could have a "short-term psychological effect", he added, but it would not mean much to global which had shown their concern over shortages by hiking prices.

The sanctions on Iran's are not due to hit until November 5, but several key buyers in and have already cut purchases in recent months under pressure from

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 08 2018. 19:45 IST
RECOMMENDED FOR YOU