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Iranian Oil Minister Rostam Qasemi says Saudi Arabia cannot replace Iran’s oil supply to the global market in the long run, Press TV reports.
Qasemi made the remarks during an interview with Press TV’s News Analysis on Monday night.
He noted that although the Saudi side stated at the most recent OPEC meeting that Saudi Arabia was not seeking to take Iran’s share of the oil market, “the latest policy of Saudi Arabia turned out otherwise” as Riyadh announced that it was ready to compensate for a lack of Iranian oil in the market.
The Iranian oil minister said, “Saudi production may be temporary, and it definitely cannot continue.”
“It is not practical, and if it is practical, it is transient… and will have negative effects in the future,” he added.
Iraq is on course to overtake Iran as the holder of the world's second-largest proven oil reserves, solidifying its position as the energy industry's new frontier in the scramble to secure fresh resources.
Iraq now the second biggest oil producer: oil reserves increase by 25% to 143.1 billion barrels
Now What will the U.S. do with the sanctions ??