Monday, 10 December, 2018

Saudi Arabia warns it will develop nukes if Iran does

OPEC's Barkindo Vows to Maintain Crude Market Stability, but Saudis Worry About Supply Shortage Saudi Arabia warns it will develop nukes if Iran does
Delia Stanley | 10 May, 2018, 14:24

OPEC is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran after the imposition of new US sanctions, three sources familiar with the issue said, saying any loss in supply would take time.

"At the end of the month there is an OPEC meeting and these matters will be on the negotiations table", Luaibi said in response to a question from reporters on whether Iraq would plug the gap in supply expected from the reintroduction of sanctions on Iran's oil sales. The Kingdom also supports reinstating economic sanctions on the Iranian regime, which have been suspended under the nuclear deal.

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 market had largely expected that President Trump would refuse to waive the sanctions on Iran this time around, and after an earlier dip on Tuesday, oil prices jumped after the announcement that the USA was walking away from the deal.

CNN host Wolf Blitzer asked, "What will Saudi Arabia do?"

In effect, the United States agreed to implement tough sanctions, and Saudi Arabia agreed to limit the impact on oil prices.

In remarks an hour before Trump's declaration, senior Kuwaiti diplomat Khaled al-Jarallah said his country stood by the JCPOA as the best option for "stability" in the region.

"All parties have an interest to act with restraint and wisdom in the face of this situation and to try to resolve conflicts through dialogue", its foreign ministry said. The International Atomic Energy Agency, too, said Iran had committed no violations.

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

This source had also said the impact of US sanctions on Iranian supplies needed to be assessed first and Saudi Arabia did not expect any physical impact on the market until the third or fourth quarters.

But the USA sanctions on Iran, assuming they are effective, mark the end of the current output agreement.

Saudi Arabia and its close allies Abu Dhabi and Kuwait hold nearly all the spare capacity that could respond quickly to a reduction in Iranian exports.

"Saudi Arabia does not want to acquire any nuclear bomb [s], but without a doubt if Iran developed a nuclear bomb, we will follow suit as soon as possible", MBS told CBS in an interview.

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.

He stated that Iran must "cease providing ballistic missiles to terrorist organizations, like so-called Hezbollah and the Houthis".

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