Zanganeh: Saudi Arabia and UAE overstate their oil capacities

Iranian Oil Minister Bijan Namdar Zanganeh believes that Saudi Arabia and the United Arab Emirates overstate their oil capacities.

"The U.S. behavior and oil sanctions are not a bluff, but (the result of) very violent hostility toward the Iranian nation," IRNA cited the Iranian minister as saying.

"I believe they (Saudi Arabia and the UAE) are overstating their oil capacities,"Zanganeh said.

Earlier, 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.

Saudi Arabia’s energy minister said he saw no need to raise oil output immediately after the United States ends its waivers, but added that the kingdom would respond to customers’ needs if asked for more oil.