Saudi Arabia reiterates vow to pursue nuclear weapons if Iran does
10 May, 2018, 14:26 | Author: Homer Porter
Oman, the back-channel for US-Iran talks that paved the way for the 2015 accord, said Wednesday "the option of confrontation is not in the interest of any party".
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".
"Following the US decision to withdraw from the nuclear agreement with Iran, Saudi Arabia is committed to supporting the stability of oil markets for the benefit of producers and consumers and the sustainability of the global economic growth", the official said.
This would make the United States the world's largest producer, ahead of both Russian Federation and Saudi Arabia.
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.
"People shouldn't take it for granted that Saudi Arabia will produce more oil single-handedly".
US President Donald Trump announced on May 8 that the US was withdrawing from the Joint Comprehensive Plan of Action (JCPOA), an worldwide agreement reached in 2015 by Iran, the United States, Russia, France, China, Great Britain, Germany and the EU.
While Gulf petro-states stand to benefit from a rise in prices, the USA move could mean new fissures in the region.
"The Secretary-General reminds all parties to the conflict that they must uphold global humanitarian law, including taking steps to protect civilians", said a statement issued on behalf of the Secretary-General, by his Spokesperson Stéphane Dujarric.
However, since Trump's announcement, Iran has threatened to gather uranium if negotations fail in response to the United States withdrawal from the agreement.
Washington's allies may find formulas to avoid sanctions exposure.
He added that Saudi Arabia's "message to the Iran leadership is the policies of the past have got to come to end".
But the US sanctions on Iran, assuming they are effective, mark the end of the current output agreement.
Riyadh, which leads a regional coalition that intervened in Yemen's civil war to fight the Huthis, accuses Iran of supplying the militia with ballistic missiles.
Saudi Arabia's air defences intercepted two ballistic missiles over Riyadh on Wednesday, state media said, the latest in a series of attacks claimed by Iran-allied rebels in neighbouring Yemen.
"These missiles are Iranian manufactured and delivered to the Houthis".
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