Can Iranian oil save Europe?
Iran’s former representative to the OPEC executive board said that the current oil market can easily absorb nearly 800.000 to 900.000 barrels of Iranian oil along with the past 1.2 m barrels.
Iran’s former representative to the OPEC executive board, Mohammad Ali Khatibi, said in an exclusive interview with ILNA that the world, and the western countries, in particular, are vehemently seeking to replace Russian oil.
He said that replacing Russia’s oil is very difficult because of Russia's high export figures
“Now the western countries are withdrawing [oil] from the strategic reserves. It shows that there are shortages in the market and the current supply is not enough. In such a market, Iran’s oil certainly can find buyers,” he said.
Referring to the lack of 5 m BPD in case Russian oil is removed from the market, he said, “In addition to the existing 1.2 m barrels, the current oil market can easily absorb nearly 800.000 to 900.000 barrels of Iranian oil."