Iran's OilMin Zangeneh: Saudi Arabia, Russia’s crude output is now near highest levels ever

Iran's Oil Minister Bijan Zangeneh is on the wires now, via Shana, commenting on the oil output levels.

Key Headlines:

Saudi Arabia, Russia’s crude output is now near highest levels ever.

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

There is no replacement for Iranian oil.