Monday, 24 September, 2018

Revise Iran nuclear deal: Arab League

OPEC's Barkindo Vows to Maintain Crude Market Stability, but Saudis Worry About Supply Shortage Saudi concerned about tight spare oil capacity - Mr Falih
Marty Perkins | 10 May, 2018, 14:27

"We will find the right way and at the right time to respond to this", he warned.

The US Treasury Department said there will be "certain 90-day and 180-day wind-down periods" after which the anti-Iran sanctions will be in "full effect", including sanctions against Iran's oil sector.

"The kingdom of Saudi Arabia is committed to support the stability of the global oil markets to serve the interests of both producers and consumers and also the sustainability of global economic growth", the ministry statement said.

The "threat" references the occasional missile attack from Yemen, a country that Saudi Arabia has blockaded and bombed into a situation of dire instability and poverty for over three years.

President Trump pulled out of the Iran Nuclear Deal on Tuesday, stating that the deal was "defective at its core".

An OPEC source familiar with Saudi Arabia's oil strategy said on Wednesday the kingdom is monitoring the impact of USA withdrawal from the Iran deal on oil supplies and is prepared to offset any potential shortage.

India, which has long-standing ties with Iran but also has close political relations with the United States, is Iran's top oil client after China.

Trump's claim that his withdrawal decision from the Iran deal will strengthen his hand in negotiating a better Iran deal is yet to be proven. The International Atomic Energy Agency has so far verified Iran's adherence to the deal.

The outlines of that agreement remain unclear, and may not be entirely clear to Washington and Riyadh, but the understanding is vital to the successful implementation of sanctions.




The other looming debacle is whether a United States pullout from the Iran deal could trigger a nuclear arms race.

"Whether or not (the Iranians) go for a military programme, you're going to get a nuclear race in the Middle East", said Dorsey.

Assuming the US sanctions are effective in curbing Iran's crude exports, Saudi Arabia and its OPEC allies will have to raise their production to make up the shortfall, or risk being blamed for a further rise in motoring costs.

Trump said his decision to leave the JCPOA was created to counter that possibility.

The inflammatory remarks from Saudi Foreign Minister Adel al-Jubeir came just a day after Donald Trump pulled the U.S. out of the Iran nuclear deal.

Jubeir said: 'These missiles are Iranian manufactured and delivered to the Huthis.

"The recent Arab summits in Jordan and Saudi Arabia were clear in expressing the extreme exasperation from Iran's actions in the Arab region and in calling for the need to alter this behavior", Abul Gheit continued.

Riyadh, which leads a regional coalition that intervened in Yemen's civil war to fight the Huthis, accuses Iran of supplying the militia with ballistic missiles.

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