Oct 8, 2018

Iran's oil minister said on Monday that the market will never believe "exaggerated" claims by Saudi Arabia that it can replace Iranian oil shipments lost due to renewed US sanctions.

"Such exaggerations might please Mr Trump, but the market will never believe them," Bijan Namdar Zanganeh said, according to the oil ministry's SHANA news site.

"These statements were made due to Mr Trump's pressure on Saudi authorities. In reality, neither Saudi Arabia

nor any other producer has such a capability," he added.

Saudi Crown Prince Mohammed bin Salman told Bloomberg on Friday that Saudi Arabia "did (its) job and more" by making up for the recent drop in Iranian oil sales.