UPDATE 1-Saudi, UAE overstate their oil capacities - Iran oil minister

Iranian Oil Minister Bijan Zanganeh said Saudi Arabia and the United Arab Emirates overstate their oil capacities, Iran's state news agency IRNA reported on Friday. The comments were in reaction to expectations the two countries would fill any supply gap caused by a tightening of U.S. sanctions on Iran. Washington has decided not to renew its exemptions from U.S. sanctions to buyers of Iranian oil.

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