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undergroundnewsroom.com May 27, 2018


Saudis ready to 'mitigate' impact of nixed deal

10 May 2018, 02:08 | Gordon Grant

Saudi Arabia will seek to develop its own nuclear weapons if Iran does, Foreign Minister Adel al-Jubeir told CNN on Wednesday, amid spiraling tension between the regional rivals.

Saudi Arabia indicated on Wednesday that it could raise its oil output to offset any potential supply shortage as a result of new sanctions on Tehran, after U.S. President Donald Trump said Washington was withdrawing from the Iran nuclear deal, Reuters reports.

Since the Iran nuclear deal went into effect, its exports have risen to about 2.5 million bpd, from less than 1 million bpd.

According to President Trump's announcement yesterday, the United States will now reimpose stringent sanctions on Iran and is considering new penalties.

Deputy minister of petroleum for global affairs and trading declared that JCPOA is legitimate to us as far as we could provide equipment, sell crude oil, gain the revenues and export crude oil, otherwise it has no legitimacy.

The oil price is at its highest since late 2014 and is on track for its fourth consecutive quarterly gain, the longest such stretch for over 10 years.

The administration would be wise to coordinate strategies on both the Iran and Saudi Arabia nuclear programs.

It also remains uncertain as to how buyers of Iranian crude will respond to the U.S. decision.

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It's unclear how much oil will be restricted under the US sanctions since USA partners in the nuclear agreement are against ending the deal, and Iran has said it will try to stay in it. Analysts expect some to comply but others, like China, a party to the deal, may continue to buy Iranian oil and even increase its purchases at a discounted price.

"But Mr. Trump's team dismisses that risk: Tehran doesn't have the economic strength to confront the United States, Israel and the Saudis". While the Gulf states may want to see the US and Israel try to cut Iran to size, I don't think they want to get dragged into a direct confrontation themselves.

Benchmark US crude is up US74ยข, more than one per cent, to $US70.46 a barrel on the futures market in NY.

He added that Saudi Arabia's "message to the Iran leadership is the policies of the past have got to come to end".

"We believe the nuclear deal was flawed", al-Jubeir said, criticizing portions of the agreement that expire and the fact that its scope is limited to nuclear issues.

Jubeir was echoing comments by Saudi Crown Prince Mohammad bin Salman, who said during a visit to the USA in March that Riyadh will be quick to develop nuclear bombs if Iran does so.

Current OPEC and non-OPEC production levels were specified for a world over-supplied with crude.



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