Code: 788553 A

Iran's oil minister, Bijan Zanganeh, said to ILNA news agency that no country can compensate for Iran’s absence from the global oil market.

Answering to ILNA other questions, he said "Iran's oil exports had not been impacted so far by the recent tanker incidents in the Persian Gulf.

"Oil tankers and export of oil is one of the issues in which we have limitations and the U.S. and its allies have caused restrictions for us and we have to be sensitive," he added.

Iran's oil minister refers to seizure of oil tanker at Gibraltar and said "there is no specific problem, and the work related to it is under way."

Gibraltar said the Iranian vessel, seized by marines in a daring landing in darkness off the coast of the British territory on July 4, was suspected of smuggling oil to Syria in breach of European Union sanctions.

Iran has repeatedly called for the ship’s release, denies the allegation that the tanker was taking oil to Syria in violation of sanctions and says Gibraltar and Britain seized the vessel on the orders of Washington.

Asked whether Saudi Arabia, the UAE or Iraq could fill the vacuum of Iranian oil in the market, he said, "not only Saudi Arabia and the UAE, but no other country can compensate for Iran’s absence from the global oil market but they have their own production."

The minister said some countries seek to weaken three main OPEC members, a move which will, per se, destroy the organization itself.

Britain has called Iran's capture of the Stena Impero in the Persian Gulf on Friday a "hostile act" and rejected Tehran's explanation that it seized the vessel because it had been involved in an accident.

Iran on Sunday urged Britain to contain “domestic political forces” intent on escalating tensions between the two countries following Iran’s seizure of a British-flagged oil tanker.

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Britain Persian Gulf oil tankers OPEC members Gibraltar global oil market
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