Oil minister: Iranian oil cannot be substituted

Baku. 22 October. REPORT.AZ/ If Tehran is affected by US sanctions, other oil producing states won't be able to compensate the market for the volume of oil produced by Iran, Iranian Oil Minister Bijan Zangane said, Report informs citing Iran's Shana agency.

"I have repeatedly said that there is no substitute for Iranian oil on the market. Saudi and Russian output is at the highest level and they have no reserve capacities to substitute the Iranian oil,"  Zangane said.

According to the Iranian Oil Minister, since all countries are aware of the impossibility of substitution, the oil price has risen, which also affects the economic growth of the consumer countries and world economy in general. 

In May of this year Donald Trump announced US withdrawal from the nuclear deal on Iran and is planning to impose fresh sanctions on Iranian oil sale in November.