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Iranian oil minister claims that Saudi, UAE overstate their oil capacities

By REUTERS

APRIL 26, 2019 09:40

DUBAI - Iranian Oil Minister Bijan Zanganeh said Saudi Arabia and the United Arab Emirates overstate their oil capacities, Iran's state news agency IRNA reported on Friday.

The comments were in reaction to expectations the two countries would fill any supply gap caused by a tightening of U.S. sanctions on Iran.

Washington has decided not to renew its exemptions from U.S. sanctions to buyers of Iranian oil. A senior U.S. administration official said on Monday that President Donald Trump was confident Saudi Arabia and the United Arab Emirates would fill any gap left in the oil market.

"I believe they (Saudi Arabia and the UAE) are overstating their oil capacities," IRNA quoted Zanganeh as saying.

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