Iran’s OPEC governor Hossein Kazempour Ardebili has said the country’s rival producers cannot make up for the shortfall resulted from a complete halt in Iranian oil exports, Reuters reported on Friday. According to the official, U.S. cannot reach its zero export target since the oil market is already tight and “There is no spare capacity […]
Iran’s OPEC governor Hossein Kazempour Ardebili has said the country’s rival producers cannot make up for the shortfall resulted from a complete halt in Iranian oil exports, Reuters reported on Friday.
According to the official, U.S. cannot reach its zero export target since the oil market is already tight and “There is no spare capacity anywhere.”
Washington is seeking to cut Iranian oil exports to zero by November as it reimposes sanctions, and is encouraging other producers such as Saudi Arabia, other OPEC members and Russia to pump more to meet the shortfall.
In his comments to Reuters, Kazempour noted that a “supply shortage” meant that the United States would not be able to cut Iranian oil exports completely.
A long-time adviser at Saudi Arabia’s Energy Ministry also said last month that current U.S. sanctions on Iran were unlikely to stop Iranian oil exports completely.
Speaking to the oil ministry’s news agency Shana, Kazempour also slammed OPEC for its weak performance saying “Saudi Arabia and the UAE have turned OPEC into a U.S. instrument”.
Under pressure from U.S. President Donald Trump to lower oil prices, the Organization of the Petroleum Exporting Countries and allies are trying to boost production to offset the shortage from Iranian oil cuts.
