Sunday, 19 August, 2018

Egypt follows with great concern developments of U.S. withdrawal from Iran deal

Saudi concerned about tight spare oil capacity - Mr Falih OPEC Source: Saudis Can Boost Oil Output After US Quits Iran Deal
Alonzo Parks | 10 May, 2018, 14:23

Secretary General of the Organization of Islamic Cooperation (OIC) Dr. Yousef Al-Othaimeen stressed the importance that the United States decision would lead to addressing the danger being posed by Iran's policies to destabilize the security and stability of Islamic countries.

The existence of an understanding was confirmed by the U.S. Treasury Secretary who told reporters on Tuesday that "we have had conversations with various parties. that would be willing to increase oil supply".

During that trip, the Saudi crown prince also boasted about the kingdom's rich uranium reserves, saying Riyadh wants to have the ability to enrich its own uranium for use in the nuclear reactors to be built on Saudi soil. And many conservatives believe the Obama administration's Iran deal did far too little to forestall Iran's nuclear dreams.

According to the Treasury factsheet, the USA will resume efforts to reduce Iran's crude oil sales, with sanctions to be re-imposed following a 180-day wind-down period.

"People shouldn't take it for granted that Saudi Arabia will produce more oil single-handedly".

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 US was walking away from the deal.

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 "threat" references the occasional missile attack from Yemen, a country that Saudi Arabia has blockaded and bombed into a situation of dire instability and poverty for over three years.

Israeli leader pressures Trump to withdraw from Iran nuclear pact
Mr Rouhani's comments come as the United States president decides whether to pull out of the deal by a 12 May deadline. But Trump says the deal is far too weak to really constrain the country's nuclear ambitions.

The outlines of that agreement remain unclear, and may not be entirely clear to Washington and Riyadh, but the understanding is vital to the successful implementation of sanctions.

"It's going to weaken Iran, the [Yemeni rebels, the] Houthis, [the Shiite movement] Hezbollah and by default that's good for the UAE, that's good for Saudi Arabia and that's good regional stability - period".

Saudi Arabia has expressed support for the US pulling out of the nuclear deal, saying it did not adequately address Iran's behavior in the region.

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

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

The news agency Bloomberg, citing Amrita Sen, chief oil analyst at Energy Aspects Ltd., noted that the renewal of Iranian sanctions can drastically change the agenda for the upcoming OPEC meeting in June.

Trump has consistently been a harsh opponent of the Iran deal, calling it "the worst" and "defective at its core".

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