Oil market ‘too tight’ for US to cut Iran’s oil exports completely – Tehran
The US will find it difficult to cut Iran’s oil exports completely as the oil market is already tight and rival producers cannot make up the shortfall, a top Iranian official said on Friday. Washington is seeking to cut Iranian oil exports to zero by November as it re-imposes sanctions, and is encouraging other producers to pump more crude to meet the shortfall. Iran’s OPEC governor Hossein Kazempour Ardebili told Reuters that a “supply shortage” meant that the United States would not be able to meet its zero export target. “There is no spare capacity anywhere,” he said.