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 USA sanctions, three sources familiar with the issue said, saying any loss in supply would take time.
But a drop in Iranian exports due to a return of US sanctions, plus involuntary supply losses in other OPEC members such as Venezuela, would mean the supply cut would be significantly larger than intended.
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.
The nuclear deal reached in 2015 has only tackled the nuclear side in the Iranian practices, which was not the sole element that should have been watched, the statement said. "Saudi Arabia will not in any way act independently of its partners", the sources added.
When asked what Saudi Arabia will do, Jubeir said, "We will do whatever it takes to protect our people".
While Gulf petro-states stand to benefit from a rise in prices, the U.S. move could mean new fissures in the region.
Nintendo Switch Online arrives in September with cloud saving, 20 NES titles
The more important features, though, are the cloud saves, which means we'll be able to save our games online for access anywhere. Nintendo says that in September , members will get access to 20 games , with more games added on a regular basis.
Some, however, support Trump's withdrawal from the deal.
It would be hard to replace Iranian oil given the "commercial terms" offered by Tehran, he said. The JCPOA is in America's interest - it has significantly rolled back Iran's nuclear program.
The inflammatory remarks from Saudi Foreign Minister Adel al-Jubeir came just a day after Donald Trump pulled the United States of America out of the Iran nuclear deal.
UAE Minister of State for Foreign Affaris, Anwar Gargash, tweeted that Iran had been emboldened by the nuclear deal, and "its ballistic missile programme became both offensive & exportable".
OPEC's No.1 producer, Saudi Arabia, has vowed to continue supporting the stability of oil markets and may lead joint efforts to offset the impacts of potential supply shortages due to the reinstated sanctions on Iran, Kallanish Energy reports.
Iran's actions amount to a "declaration of war", the Saudi foreign minister warned on Wednesday, after two ballistic missiles were fired toward Riyadh by Tehran-backed Houthi militias.
This source had also said the impact of USA 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.
- Favorite Justify wins Kentucky Derby on wettest race day
- Savills plc (LON:SVS) Analyst Ratings as of May 6, 2018
- On Twitter, Trump Urges West Virginians to Vote Against Blankenship
- Victims Fatally Shot Inside Maryland Home Identified
- Cannes 2018: Cate Blanchett speaks about equality at 'gladiatorial' festival
- Rescue workers race to save 5 missing coal miners in Poland
- Tiger Woods grouped with Phil Mickelson and Rickie Fowler at Players Championship
- What Will Meghan Markle's Wedding Dress Look Like?
- How Analysts Rated Lookers plc (LON:LOOK) Last Week?
- Cavs finish off Raptors for 3rd year in row