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Former OPEC President: Saudi Arabia Could not Replace Iran Oil Exports to EU

17 January 2012 13:03 (UTC +04:00)

Baku. Konul Jafarli - APA. Former OPEC President Shakib Khalil warned European countries on Iran oil embargo stressing that Saudi Arabia and other Persian Gulf Arab states could not supply EU’s oil demands.

If Iran oil is sanctioned, the major buyers of Iranian crude will be forced to import oil from Saudi Arabia, Qatar and UAE, Khalil said adding that "but these countries will be able to replace Iran’s 2.2 million barrels of oil only for a short time."

"The Persian Gulf Arab states will be able to replace Iran’s oil only for a month," he said stressing that "after a month, European countries should use their oil reserves and this will last only for 2 months and then oil lack will cause rises in price."