Saudi\, Russian oil output unable to compensate for Iranian crude: Zanganeh

Saudi, Russian oil output unable to compensate for Iranian crude: Zanganeh

Reuters  |  DUBAI 

(Reuters) - Iranian output cannot be replaced by other producing countries if is hit by sanctions by the in November, Iranian Minister told the Ministry's website SHANA on Monday.

"As I have repeatedly said there is no replacement for Iranian oil in the market. 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.

is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian in November.

But Iran, OPEC's third-largest producer, has repeatedly said that its cannot be reduced to zero because of high demand levels in the market and has blamed U.S. for an caused by the sanctions on

"The market's knowledge of this inability has raised the prices as the average price (of crude) ... had slowed down the economic growth of most of the consumer countries, which is affecting the global economy," he said.

(Writing by Parisa Hafezi; editing by David Evans)

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

First Published: Mon, October 22 2018. 15:48 IST