Iranian oil output cannot be replaced by other oil-producing countries if Tehran is hit by sanctions by the United States in November, Iranian Oil Minister Bijan Zanganeh told the Ministry’s website SHANA on Monday. “As I have repeatedly said there is no replacement for Iranian oil in the market. Saudi Arabia and Russia’s output is near their highest level ever and they have no spare capacity to pump more to replace Iran’s oil,” he told SHANA. Washington is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian oil sales in November. But Iran, OPEC’s third-largest producer, has repeatedly said that its oil exports cannot be reduced to zero because of high demand levels […]