Spain: Iran crude oil is not irreplaceable

Repsol announced that it is so hard to replace Iranian oil supplies. The news followed the speech of the Iranian minister stressing the supply disruptions in case of ban on the Iranian oil. Western economies can import more oil from Latin America, Africa and Russia, said Antonio Brufau chairman at Repsol. If after the ban on oil import Iran tries to compensate loss by negotiating the supply contract with China, China may insist on discounts that will impact Iranian profits for oil sales, he added.