Arab League calls for 'revision' of Iran nuclear deal

Arab League calls for 'revision' of Iran nuclear deal

Apart from praising the withdrawal, Saudi Foreign Minister Adel al-Jubeir said that the country would do "everything we (Saudi Arabia) can" to build a nuclear bomb if Iran does the same, The Hill noted.

The cross-border attack by the Iran-allied rebels, known as Houthis, came amid mounting regional tensions after U.S. President Donald Trump made a decision to withdraw from the landmark 2015 nuclear agreement with Tehran.

Iranian oil exports have increased by roughly 1 million barrels per day since early 2016, and the big question is whether the market will be able to cope with a sharp drop in supply if sanctions are reimposed. "Other countries may accept that, but here in Saudi Arabia we don't", he said.

Several refiners in Asia said they were seeking alternatives to Iranian supplies.

While the next months are likely to be characterised by uncertainty, it's likely the United States is going to find it considerably harder to make the rest of the world bend to its will this time, especially when the major financial beneficiaries are its own oil producers and the Saudi Arabians.

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.

"People should not take it for granted that Saudi Arabia will produce more oil single-handedly".




US politicians will want to avoid being blamed for a further escalation in the run up to congressional elections in November.

The statement emphasized the importance of engaging in regional dialogue in regards to possibility of amending the JCOPA, and also called on all regional powers, including Iran, to stop adopting policies that interfere in the security of the Arab region. "As we get close to $80, they have to consider that the market will be looking for their decision on next year", Sfakianakis said.

"I am in close contact with OPEC 's presidency, Russian Federation and the U.S., and will be connecting with other producers and major consumers over the next few days to ensure market stability", he added.

Iran's regional foe Saudi Arabia said it "supports and welcomes" Trump's decision, while Riyadh's Gulf allies the UAE and Bahrain also backed the US.

Croft said Saudi Arabia Crown Prince Mohammed Bin Salman, known as MBS, would prefer a high oil price to help his Vision 2030 program to diversify the Saudi economy away from oil.

Current OPEC and non-OPEC production levels were specified for a world over-supplied with crude. "And it is a clear example of Middle East brinkmanship that runs counter to what President Barack Obama intended when the nuclear deal was struck in July 2015".

Barkindo said the cartel was committed to seeing the agreement through, but he hinted that market conditions could spur a change.

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