Saudi Arabia, other producers to ensure market stability amid Iran sanctions: Falih

Saudi Arabia, other producers to ensure market stability amid Iran sanctions: Falih

Saudi Arabia, other producers to ensure market stability amid Iran sanctions: Falih

Trump's claim that his withdrawal decision from the Iran deal will strengthen his hand in negotiating a better Iran deal is yet to be proven.

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 production agreement is scheduled to end at the end of the year, but OPEC and Saudi Arabia's energy minister have said it should continue in some form. Saudi Arabia has resisted making a similar unconditional pledge. The sanctions had limited energy investment and production, and Iran's oil industry has sprung back to life since they were lifted.

To secure an agreement with the United States that will pass Congress, the Saudis may agree on a moratorium on enrichment and reprocessing.

In theory, too, the United States is open to granting waivers to importers of Iranian crude, provided they show some willingness to reduce their purchases.

The Iran deal, whatever its flaws and despite the president's lies and exaggerations on Tuesday afternoon, was clearly keeping Iran from acquiring a nuclear capacity from now until the deal began to expire in 2025. "Last week, Israel published intelligence documents, long concealed by Iran, conclusively showing the Iranian regime and its history of pursuing nuclear weapons", Donald Trump said in White House remarks on May 8.

Jubeir's renewed vow came after US President Donald Trump pulled the United States out of an accord created to prevent Tehran's alleged quest for the bomb.

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In short, the global oil supply chain can handle the loss of 500,000 bpd of Iranian crude, although doing so may come at the cost of higher prices.

Iran has, according to Politifact, largely complied with the 2015 deal.

"There is no one who will realistically choose Iran over the USA", said energy consultancy FGE.

It would be hard to replace Iranian oil given the "commercial terms" offered by Tehran, he said.

US shale producers could also increase their output but it would take time and their light crude is not a good substitute for heavier Iranian oil. But there is little practical reason that Saudi Arabia can not postpone its bid decision and plenty of political and diplomatic reasons for it do so. While the Gulf states may want to see the US and Israel try to cut Iran to size, I don't think they want to get dragged into a direct confrontation themselves.

In any case, oil sanctions will kick in in about six months, by which time most Indian refiners "may have consumed most of their Iranian volumes", Ramachandran said.

The pact is seen widely seen by western experts and leaders as the best way to prevent Iran from obtaining nuclear weapons capabilities.

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