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.
Rockets-Warriors Tickets Are Most Expensive For Conference Final This Decade
The Rockets begin their Western Conference Finals series against the Warriors on Monday night at the Toyota Center in Houston . Having finished the regular season as the Western Conference's No. 1 seed, Houston has to be feeling good about this matchup.
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.
- When we're most likely to see rain this weekend
- Iran-backed Hezbollah, Allies Set for Major Gains in Lebanese Election
- Warmind to Launch May 8th at 11:00 Pacific!
- Protesters killed as Indian troops move on militants in Kashmir
- Bill Gates Feels Like Shorting Bitcoin If It Was Easy
- Favorite Justify wins Kentucky Derby on wettest race day
- Rescue workers race to save 5 missing coal miners in Poland
- Tiger Woods grouped with Phil Mickelson and Rickie Fowler at Players Championship
- Isha Ambani, Anand Piramal to marry in December
- North Korea Leader Jong Un 'Secretly' Visits China