Thursday, 24 May, 2018

UAE supports U.S. withdrawal from Iran nuclear deal

Saudi ambassador to US: Deal fueled Iran's malicious regional expansion Oil Official: Iranian Crude Export Records High in 2 Months
Heather Davidson | 10 May, 2018, 14:11

Analysts are citing concern that Iranian oil exports will fall if the U.S. withdraws from a 2015 deal that eased sanctions on Iran in exchange for limits on its nuclear program.

The cross-border attack by the Iran-allied rebels, known as Houthis, came amid mounting regional tensions after U.S. President Donald Trump chose to withdraw from the landmark 2015 nuclear agreement with Tehran.

"We believe the previous 1 million bpd limit for exports (imposed during previous sanctions) will be reimposed".

Back in 2015, in exchange for relief from sanctions, Iran scaled back its nuclear program. Given the Trump administration's claim to have left the Iran deal based on nonproliferation concerns, it now has leverage to apply the same policy to Riyadh.

"It was that the deal legitimized and normalized the clerical Iranian government, reopening it to the world economy with oil revenue that financed its adventures in Syria and Iraq and its support of terror groups", writes Sanger, the chief Washington correspondent for The New York Times.

Volumes jumped for all key crude oil futures contracts as investors took new positions and refiners hedged to protect themselves from higher feedstock prices.

"Europe and China will not fight against the USA sanctions".

Saudi Arabia and Iran have long contended over influence in the region.

The Saudi Arabia and Emirati forces fighting the Houthis both receive military backing from the United States and other Western allies. "I think the White House just hopes the Vienna alliance will sunset, and they put barrels on the market".

The same source went on to add that Saudi Arabia will not fill the gap on its own, but is working on possible solutions with the United Arab Emirates (the UAE is the current holder of the OPEC presidency for 2018) and Russian Federation (as a party to the agreement between OPEC and non-OPEC oil producers).

Despite US criticism that the accord does not go far enough in monitoring Iran's nuclear activities, the IAEA points to the fact that its inspectors have spent 3,000 man days per year on the ground in Iran. "As we get close to $80, they have to consider that the market will be looking for their decision on next year", Sfakianakis said.

"Saudi Arabia does not want to acquire any nuclear bomb, but without a doubt, if Iran developed a nuclear bomb, we will follow suit as soon as possible", bin Salman said.

OPEC meets next in June, where it is widely expected to continue with the supply cuts until the end of 2018.

Barkindo said the cartel was committed to seeing the agreement through, but he hinted that market conditions could spur a change.

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