Saudi and UAE exaggerate their oil capabilities: Iranian oil minister

by   |  VIEW 282

Saudi and UAE exaggerate their oil capabilities: Iranian oil minister

On Friday, the 26th of April 2019, the Oil minister of Iran, Bijan Zanganeh said that the de-facto leader of OPEC, a 14-nation pact of petroleum exporting nation including Iran, Saudi Arabia and United Arab Emirates had been overstating their oil capabilities, as Washington had called for an increase of their oil production to compensate for Iranian crude, which had again been facing US sanction following conclusion of its six-month-long waiver, allowing it to export oil to eight particular countries including China and India, an Iranian state news agency report revealed on Friday (April 26th).

The comments of Iranian oil minister came forth as a reaction to the US expectation that these two major crude oils producing countries, UAE and Saudi Arabia would prematurely break an OPEC+ accord signed during early December to trim oil production as much as 1.2 million barrels per day, for covering any shortage or supply following a stiffer sanction on Iran.

On last Monday (April 22nd), US President Donald Trump had been quoted saying that he was confident that Saudi and UAE would be filling up the voids resulted from a seemingly hostile sanction to Iranian oil alongside Venezuelan crudes As a repercussion, expressing sheer disbelief over UAE and Saudi’s capability to fill up the void left by a stiffer sanction on Iranian oil, the Iranian oil Minister had been quoted saying on Friday (April 26th), “I think they (Saudi Arabia and the United Arab Emirates) are exaggerating their oil capabilities.

The behavior of the United States and the oil sanctions are not a farce, but (the result of) a very violent hostility towards the Iranian nation,” while Saudi energy minister said on Wednesday (April 24th) that the country saw no need to increase its oil production, but, had there been demand, the nation would respond.