OPEC will not be able to replace some 4 million barrels per day in lost Iranian output if Tehran carries out its threat to stop oil exports if attacked, OPEC President Chakib Khelil said on Tuesday.
MADRID, July 1 (Reuters) - OPEC will not be able to replace some 4 million barrels per day in lost Iranian output if Tehran carries out its threat to stop oil exports if attacked, OPEC President Chakib Khelil said on Tuesday.
"It's obvious that if you curtail 4 million bpd from the market, you are going to have a big problem," he said. "I don't see who can replace that, including OPEC," Khelil told a news conference in Madrid.
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Khelil also said that moves in the U.S. Congress to take OPEC to court over high oil prices would not help. "It will not add even one barrel of oil," he said.
He said geopolitical issues and weakeness in the U.S. dollar were the main factors driving oil prices higher, and these needed to be addressed to calm the oil market.
