Saudi Arabia warns it will develop nukes if Iran does

Saudi Arabia warns it will develop nukes if Iran does

"Even before the nuclear deal when the Iran regime was crippled with multilateral and unilateral economic sanctions, Tehran still continued to support militias, proxies and terrorist groups", Rafizadeh told Arab News. The harsher approach by the United States could result in an initial loss of about 500,000 barrels a day (bpd) in Iran's output, which is now 3.8 million bpd.

Secretary of State Mike Pompeo shakes hands with his Saudi counterpart Adel al-Jubeir during a news conference, in Riyadh, Saudi Arabia, on April 29.

The South Asian country remained a big buyer of Iranian oil even during previous Western sanctions, though it had to cut purchases to win some waivers as the trade was mostly done in USA dollars.

As a practical matter, only Saudi Arabia, the United Arab Emirates, Kuwait, Russia and the United States have the ability to raise production and exports in the short term.

US crude CLc1 settled down $1.67 at $69.06 per barrel and Brent LCOc1 settled down $1.32 at $74.85.

Russian firms may also hold spare capacity and could certainly increase output over a 12-month horizon.

Meanwhile, Iraqi Oil Minister Jabar al-Luaibi said on Wednesday that OPEC will discuss a possible shortfall in global crude oil supplies following Trump's decision to withdraw from the Iran nuclear deal. But the truth is, Iran is in compliance with the nuclear deal, has failed for decades to build nuclear weapons, and is utterly incapable of matching the massive arsenals of the U.S., Israel, and other Western powers.

Oil prices are stable because of market stability, he said, because OPEC's goal "is not prices but market stability and lowering storage levels".

Washington's allies may find formulas to avoid sanctions exposure.

Hezbollah allies set for gains in Lebanon parliament: unofficial results
First parliamentary elections in almost a decade introduced electoral law with proportional representation. Processions flaunting Hezbollah flags have been roaming Beirut since the results were announced.

Tensions in the Gulf are already high.

"Europe and China will not fight against the USA sanctions".

Yemeni armed forces, supported by popular committees, fired Wednesday night a ballistic missile at the headquarters of Saudi Information and Electronic Warfare in Najran, southern Saudi Arabia. Since the 2015 agreement, however, Indian refiners have been settling oil dues with Iran in euros.

To secure an agreement with the United States that will pass Congress, the Saudis may agree on a moratorium on enrichment and reprocessing.

The collapse in Venezuelan output has reduced production much more than intended and caused global oil inventories to draw down much faster than OPEC predicted at the end of a year ago. Saudi Arabia has resisted making a similar unconditional pledge.

Saudi media outlets and commentators also had praise for Trump's controversial move.

The pact is seen widely seen by western experts and leaders as the best way to prevent Iran from obtaining nuclear weapons capabilities.

It was the busiest day in US front-month contracts since August, and for Brent the busiest in nearly a month.

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