Saudi Energy Minister: Cant cover Iran's oil production

Saudi Arabia’s Energy Minister says Riyadh cannot compensate for possible oil disappearance from global markets in the wake of US sanctions on Iran.

Khalid al-Falih said if the kingdom has to use its oil reserves if it wants to cover 3 million barrels per day of oil loss from Iran. He added there is NO guarantee that oil prices would not go higher once anti-Iran sanctions come into force next month. Meanwhile, Iran’s oil minister Bijan Zanganeh has said that Saudi Arabia and Russia cannot replace Iran’ oil as the production capacity of the two countries has reached its peak. Zanganeh noted that higher oil prices would strongly affect the global economy. The United States intends to re-impose sanctions on Iran’s oil sector in November after unilaterally withdrawing from the Iran nuclear deal in May.

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