24 October, 2018
"It would be in Russia's best interests not to facilitate Iranian evasion of US sanctions". "So we did our job and more", the crown prince claimed, prompting Zangeneh to dismiss the remarks as "nonsense".
Riyadh's changing accounts of what happened to Khashoggi, an insider turned critic of the government, have run into increasing western scepticism, with even firm ally US President Donald Trump saying the government had lied about what happened.
On Tuesday, Zangeneh reiterated Iran's position that neither Saudi Arabia nor Russian Federation can replace Iranian oil.
Saudi Energy Minister Khalid Al-Falih said OPEC and its allies are in "produce as much as you can mode". "As I have said many times, there is no replacement for Iranian oil in the market", he said.
Speaking to Russia's TASS news agency about whether there could be a 1973-style oil embargo on the West, which saw petrol prices rocket after Saudi Arabia slapped countries including the USA with a ban, Mr Falih said: "There is no intention".
Saudi's foreign minister Adel al-Jubeir said to USA broadcaster Fox: "This was an operation that was a rogue operation".
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Saudi Arabia, the world's biggest oil exporter, has boosted production to 10.7 million barrels a day and is nearing an all-time high. "Therefore, Russia can not increase production further in the short term, without investing in its upstream industries". Even still, the outlook for next year is "very unpredictable" in terms of both supply and demand, Al-Falih said.
Zanganeh reiterated his Monday remarks that Iranian oil output can not be replaced by that of other oil-producing countries if Tehran is hit by USA sanctions.
Falih said oil producers will continue to monitor supply and demand in the market, especially with the Iran sanctions about to kick in, and would be ready to act if needed.
Additionally, Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further.
Concerns about the health of the global economy, leading to the equities selloff, are seeping into the oil market.
Oil prices spiked on the move, as they did later in 1979 because of the Iranian revolution.