Saudi Arabia cannot replace Iran oil

The director of the International Department of the National Iranian Oil Company (NIOC) said on Wednesday that Saudi Arabia cannot replace Iran’s oil in the world market.
“I say decisively that Saudi Arabia cannot replace Iran’s oil in the oil market,” Mohsen Qamsari told the Mehr News Agency.

Qamsari said currently Iran’s oil has many customers.

It is true that Saudi Arabia has light oil, still there is a high demand for sour oil, he explained.

Qamsari also said Iran has renewed its oil contract with most of the Japanese refineries for the 2012.

Qamsari rejected the claim that Iran’s oil export to Japan has been reduced by 80%, saying currently Japan imports about 220 thousands barrels of oil per day from Iran.

However, he said certain Japanese refiners have made some changes to the kind of oil (heavy or light oil) that they purchase from Iran.

He added if Iran’s oil to European market is halted, another market will open up to Iran because “currently the global oil market is balanced.”