Saudi Arabia may fill in the gap for Iranian oil post-sanctions

Houthis in Sanaa

"We have made it very clear that if Iran acquires a nuclear capability we will do everything we can to do the same".

Saudi Arabia and its Gulf allies have given high praise for Washington's decision to withdraw from the worldwide nuclear accord with Iran.

He also praised President Donald Trump's announcement Tuesday that the U.S. was quitting the Iran nuclear deal.

Bahrain and Saudi Arabia said they supported the decision of US President to withdraw from the nuclear agreement with Iran and to re-impose severe sanctions. "It didn't bring calm, it didn't bring peace, and it never will".

If the Trump administration reimposes all US nuclear-related sanctions, including secondary sanctions targeting global trade with Iran, then European countries will find it extremely hard to do business with Iran. As Politifact noted, President Trump has repeatedly criticized the deal - during the presidential campaign and while president of the United States - so the decision to leave the agreement does not come as a surprise. The sanctions had limited energy investment and production, and Iran's oil industry has sprung back to life since they were lifted. Some lawmakers said Iran no longer is obligated to honor the deal. Prime Minister Benjamin Netanyahu called the decision "courageous".

The renewed sanctions, aimed at the heart of the Iranian economy, will impact the country's energy, financial, and petrochemical sector.




Iran, which has not cut production, is an OPEC member and it has been opposed to the production deal continuing and is likely to continue to be opposed.

"It's necessary to revise the agreement", Arab League chief Ahmed Abul Gheit said, expressing the "exasperation" of Arab nations in the face of the "destabilising politics" of Iran in the region.

The U.S., which is one of the kingdom's most important military suppliers, has backed the coalition with logistical support.

The higher oil price is a plus for Saudi Arabia, which analysts say wants to see a steadier market at a higher price to pave the way for its initial public offering of state-owned oil giant Saudi Aramco.

Saudi Arabia and Arab partners including the UAE entered Yemen's civil war in 2015 to restore the internationally recognised government of President Abd-Rabbu Mansour Hadi after the Houthi movement seized large areas of the country including the capital Sana'a.

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. The country welcomed Washington ditching the nuclear deal with Tehran.

Related news:

Hot News

isis-killer-beheading-video-story-top Trump seeks support from Nigeria, other Africans to host 2026 World Cup
May 10, 2018 - 14:08
The Club World Cup could be expanded to 24 teams - including 12 from Europe - and staged every four years instead of annually. He also asked why they should be supporting countries when those countries don't support them, including at the UN.

isis-killer-beheading-video-story-top I can't believe we survived - Wagner shocked by Huddersfield efforts
May 10, 2018 - 14:04
Conte declined to look beyond this season, with the trip to Newcastle followed by the May 19 FA Cup final with Manchester United. To do so, they must win at Anfield and Tottenham Hotspur would have to fail to beat Leicester City at Wembley.

isis-killer-beheading-video-story-top Iranian forces in Syria fire rockets at Israeli targets in Golan
May 10, 2018 - 14:03
The assault prompted an extensive Israel Air Force (IAF) attack on dozens of Iranian targets in Syria . The spokesman said that the Zionist military didn't want to escalate.

isis-killer-beheading-video-story-top Damascus-Area Air Strike Targeted Missiles Trained on Israel
May 09, 2018 - 12:53
While Israel did not confirm or deny the strikes, a state of alert was reported by its armed forces near the Syrian border. On April 29, Israel was suspected of more strikes in Hama and Aleppo, reportedly killing at least 18 pro-Iranian fighters.

isis-killer-beheading-video-story-top Cuomo: Special prosecutor must probe Schneiderman
May 09, 2018 - 12:52
The governor said it is very important there is no conflict of interest between the attorney general and district attorneys. A spokesman for Manhattan District Attorney Cyrus Vance said the office is opening an investigation.

isis-killer-beheading-video-story-top Canadian pitcher James 'Big Maple' Paxton throws no-hitter against Blue Jays
May 09, 2018 - 12:51
A start by the Mariners' James Paxton was very, very good, while that of the Orioles' Dylan Bundy was little short of horrific. The best thing of this no-hitter for Mariners manager Scott Servais was he never had to sweat Paxton's pitch count.

isis-killer-beheading-video-story-top Giuliani: Trump Still Against Pleading the Fifth
May 09, 2018 - 12:50
You can't do that. "It's the President saying you know what I'm going to do it my way". "Alright, let's go get lunch'". Stephen Colbert , for one, is wondering when Trump will have to make a hush payment to keep Giuliani quiet.

isis-killer-beheading-video-story-top Kevin De Bruyne: 'Yaya Toure one of the original Manchester City revolutionaries'
May 09, 2018 - 12:46
Meanwhile, we also welcome the dawning of a new home kit for the 2018/19 campaign, which will make its debut this evening. There will be a few goals backers taking a "once bitten, twice shy" approach this match but I'm not one of them.

isis-killer-beheading-video-story-top 'Arrested Development' Season 5 Trailer Boasts a May Premiere
May 08, 2018 - 01:45
And from what the trailer reveals, it looks like the fifth season of Arrested Development is going to be funnier than ever. In true Bluth family form, Netflix hasn't announced Season 5's release date through a press email or exciting tweet.

isis-killer-beheading-video-story-top Sonam Kapoor-Anand Ahuja's Wedding: The Starry Affair
May 08, 2018 - 01:44
Sonam, according to reports, followed it up by calling her, talking to her and personally inviting her for the big day. The pre-wedding festivities saw family and friends in attendance, which consisted of the who's who of Bollywood.

isis-killer-beheading-video-story-top Attorney General Jeff Sessions to Visit US-Mexico Border in San Diego
May 08, 2018 - 01:41
If you make false statements to an immigration officer or file a fraudulent asylum claim, that is a felony. The idea behind the policy is to curb the number of people seeking to cross the border.

isis-killer-beheading-video-story-top Three-quarters Facebook users active since privacy scandal
May 08, 2018 - 01:39
Unfortunately for Facebook, it seems now that even if it wanted to employ the paid version, very few would use it. However, the poll revealed that Facebook users claimed they know how to protect their personal data on the site.

isis-killer-beheading-video-story-top Trump's Gun Law Speech Angers France
May 08, 2018 - 01:34
LONDON-Some British doctors and legislators reacted angrily last Saturday to President Donald J. He said, "Paris, France , has the toughest gun laws in the world".

isis-killer-beheading-video-story-top $18 Kentucky Derby Bet Pays $1.2 Million
May 08, 2018 - 01:33
Another record was broken on Saturday, since the National Weather Service stated that it was that the wettest Derby at any time. The horse, nicknamed "Big Red", came out of the No. 7 post to win the race. "If he wins the Preakness then we'll see".

isis-killer-beheading-video-story-top One Man Holds Record for "Most Big Macs Consumed!"
May 08, 2018 - 01:23
A man in Wisconsin has consumed his 30,000 McDonald's Big Mac burger after eating two a day for more than four decades. Gorske says that the only reason that he has achieved this feat is - well - he just really likes burgers.