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US Statements Cannot Run Oil Market: Zangeneh

Iranian Minster of Petroleum Bijan Zangeneh said on Wednesday that the oil market could not be managed by mere US statements.

US Statements Cannot Run Oil Market: Zangeneh
(Wednesday, May 1, 2019) 14:44

Addressing a press conference on the sidelines of the 24th Iran Oil Show, he said, “Global affairs are not as easy as thought by the US and its instigators. The oil market could not be controlled by mere statements.”

“The fragility of the oil market could not be compensated for by speeches and showmanship and creating psychological atmosphere,” he added.

“The market conditions remain fragile at any moment due to tensions that are likely to transpire other countries like Libya and everywhere else as well as unpredictable tumults.”

Zangeneh also said US OPEC allies had been “overstating their spare capacity” in claiming that they would supply enough oil on the market once Iran’s oil has been driven out of the market under US sanctions.

The official said the US attempt to bring Iran’s oil exports to “zero” is a delusion.

“Every independent commentator in the market knows quite well that the spare capacities announced by certain states are just overstatement and exaggeration.”

He said Iran would never resort to oil as a “political tool,” adding, “anyone using oil as a political tool will have to assume the consequence.”

“Using oil as a weapon against two founding member of OPEC (Iran and Venezuela) will transform the unity in this organization into division and spell the demise and collapse of OPEC. They have to accept responsibility for such thing.”

“Under the present circumstances, Iran’s petroleum industry is at the receiving end of the US economic aggression against the Iranian nation.”

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