Iran's minister talks on possibility of replacing country's oil on world market

Oil&Gas Materials 26 April 2019 14:56 (UTC +04:00)

Tehran, Iran, April 26


Iran`s Minister of Oil Bijan Zanganeh criticized Saudi Arabia and UAE`s promise to compensate for the lack of Iran's oil due to the US sanctions and called it "exaggeration of their oil capacities".

"These US oil sanctions against Iran are not bluffing,” Zanganeh said, responding to the question on whether the recent US sanctions are as serious as they seem, Trend reports citing ICANA.

Last Monday (April the 22nd), the United States had asked foreign buyers of Iranian oils to stop purchasing from the Islamic Republic, concluding a six-month-long waiver that had been allowing Iran to sell its heavy crude to eight of its biggest buyers, most of them from Asia.

Saudi Arabia and United Arab Emirates are willing to compensate for any potential loss of crude supply as soon as the U.S. ends waivers granted to buyers of Iranian oil.