Oil Prices set to Increase Due to Iran Sanctions

Nigeria’s Oil Reserves Slumps By 543 Million Barrels In Four Years
Nigeria’s Oil Reserves Slumps By 543 Million Barrels In Four Years

Tehran, Oct 22 (Prensa Latina) Iran’s minister of Petroleum, Bijan Zanganeh, predicted today that rises in the Price of oil in the world market by announced U.S. sanctions against the Persian country.

In Zanganeh’s opinion, Russia or Saudi Arabia will be able to replace Iran’s production, in case Washington’s measures are made effective.

In a digital website of the Iranian ministry, Zanganeh asserted that the extraction and processing of oil by Saudis and Russians is at its top level and do not have more capacity to pump a substitute amount of that of Iran.

‘As I have said on other occasions, there is no replacement for Iranian oil in the market’ and it is improbable that Saudi Arabia and Russia achieve to cover the hole of the world’s world exporter, said the Minister.

Washington puts pressure on its allies to reduce to zero imports from Iran and prepares another round of sanctions against Tehran which will impose in November.

But Iran considers that its oil exports cannot be completely eliminated due to the high world demand.

The announcement of sanctions, say Iranian experts, favors the rise in prices.

According to the Minister, the market’s knowledge of that incapacity and the U.S. president, Donald Trump, are the causes of rise in prices.

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