US statements cannot run oil market: Zangeneh

SHANA – Iranian Minster of Petroleum Bijan Zangeneh said on Wednesday that the oil market could not be managed by mere US statements.

Addressing a press conference on the sidelines of the 24th Iran Oil Show, he said, “Global affairs are not as easy as thought by the US and its instigators. The oil market could not be controlled by mere statements.”

“The fragility of the oil market could not be compensated for by speeches and showmanship and creating psychological atmosphere,” he added.

Zangeneh also said US OPEC allies had been “overstating their spare capacity” in claiming that they would supply enough oil on the market once Iran’s oil has been driven out of the market under US sanctions.