Saudi Arabia Cannot Replace Iranian Oil in the Market

Iranian First Vice-President Eshaq Jahangiri highlighted the reasons behind the recent surge in oil prices and said US President Donald Trump wrongly thought that the Saudis were able to replace the reduced share of the Islamic Republic in global oil markets.

Addressing a ceremony in Tehran on Sunday to mark the World Standards Day. Jahangiri referred to the US sanctions against Iran’s oil and non-oil sectors and said in the current economic war against Iran. the enemies’ goal is to minimize the country’s sources of income.

They are seeking to prevent the imports of basic commodities. including raw materials. to Iran and they want people to protest against the government. he said.

Iran’s goal is to increase its sources of income as the United States is seeking to cut Iran’s oil exports to zero. the first vice-president added.

“Trump thinks that the Saudis can make up for Iran’s (lost) oil but they cannot and now oil prices have risen.“ Jahangiri went on to say.

Back in May. Trump pulled his country out of the 2015 Iran nuclear deal. also known as the Joint Comprehensive Plan of Action (JCPOA). despite objections from other signatories of the accord.

In August. Washington re-imposed the first round of anti-Iran sanctions it had lifted under the JCPOA. The second phase of US bans will come into effect next month.

The Trump administration has called on all buyers of Iranian oil to cut imports to zero. Last week. oil prices hit a four-year high. with the international benchmark Brent topping $86 per barrel.

 

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