U.S. cannot zero out Iranian oil export

Iran’s OPEC governor Hossein Kazempour Ardebili has said the country’s rival producers cannot make up for the shortfall resulted from a complete halt in Iranian oil exports, Reuters reported on Friday. According to the official, U.S. cannot reach its zero export target since the oil market is already tight and “There is no spare capacity anywhere.” Washington is seeking to cut Iranian oil exports to zero by November as it reimposes sanctions, and is encouraging other producers such as Saudi Arabia, other OPEC members and Russia to pump more to meet the shortfall.