Iran says that Saudi and Russia have no spare capacity to pump more oil to replace Iran's supplies

Comments by Iran's oil minister Bijan Zangeneh

• Says there is no replacement for Iranian oil
• Saudi and Russia's crude output is now near their highest levels ever

Iran has been touting the same message for the last few months now as we move closer to the start date of US sanctions next month. The word from the Saudi camp is that they have what it takes to cover it as the standoff continues between the two OPEC nations.