Publishe Date: 3:30 PM - 6/21/2014 | Print

Oil Minister: Iran Ready to Compensate for Reduction in Iraq's Crude Output

Economy - Iranian Oil Minister Bijan Namdar Zanganeh underlined that Iran can easily fill the gap in the international oil markets created by a reduction in Iraq's crude output after the recent unrest.

Iran can make up for the reduction in Iraq's oil production," Zanganeh told reporters on Saturday.

The Iranian oil minister pointed to the US restrictions imposed on Iran's crude export, and said, "Despite outside pressures, Tehran has always tried to have a sustainable steady oil output."

Following the ISIL's invasion of Iraq oil prices have climbed 5 percent since June.

Oil prices have risen to 10-month highs after the Al-Qaeda-inspired group captured two key Iraqi cities this week, including Mosul, which is in an area that is a key gateway for the Arab country’s crude oil.

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