TEHRAN (Press Shia) – Iranian Oil Minister Bijan Namdar Zanganeh highlighted the inability of Saudi Arabia and the United Arab Emirates to replace the reduced share of the Islamic Republic in global oil markets, saying they are overstating their oil production capacities.

– Economy news –

In remarks released on Friday, Zanganeh deplored the US sanctions imposed on Iran’s oil sector as an example of its “violent hostilities” against the Iranian nation.

He further rejected the Saudi and Emirati officials’ claims of making up for Iran’s lost oil in the global market and said, “I believe they are overstating their oil capacities.”

His comments came after Saudi Foreign Minister Ibrahim al-Assaf voiced the kingdom’s full support for the US decision to halt waivers for the customers of Iranian oil, saying Riyadh will continue efforts “to stabilize the oil market at all times by coordinating with other oil producers in order to ensure that sufficient supplies of oil are available to consumers.”

The White House said on Monday that US President Donald Trump “has decided not to reissue” waivers regarding sanctions against countries importing Iranian oil when the waivers expire “in early May”.

The exact deadline is May 2.

“This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue,” the statement from White House press secretary Sarah Sanders read.

Countries that continue to import Iranian oil in large amounts include India, China, South Korea, Japan and Turkey.

US Secretary of State Mike Pompeo said on Monday that Saudi Arabia and the United Arab Emirates have agreed to “ensure an appropriate supply (of oil) for the markets” in order to make up for the loss of Iranian oil in the global market.