Tuesday, 25 September, 2018

Saudi Arabia warns it will develop nukes if Iran does

Becky Salazar | 10 May, 2018, 14:26

"We support and welcome the withdrawal of the United States from Iran nuclear deal, support the decision to reinstating economic sanctions on Iran, and continue to work with our partners to address the dangers", he said.

The agreement puts limits on Iran's nuclear programme in exchange of the lifting of global sanctions.

"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.

President Donald Trump's decision to withdraw from the nuclear agreement with Iran marks the end of the current output agreement between OPEC and its allies.

At an Arab League summit last month hosted by Saudi Arabia, the country's King Salman said the regional body agreed to "renew our strong condemnation of Iran's terrorist acts in the Arab region and reject its blatant interference in the affairs of Arab countries".

That raised worries of a quick rise in oil prices.

China's foreign ministry said Beijing would defend the deal and urged parties "to assume a responsible attitude".

Trump said his decision to leave the JCPOA was created to counter that possibility.

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

"Whether or not (the Iranians) go for a military programme, you're going to get a nuclear race in the Middle East", said Dorsey.

The comments came as the United Nations nuclear watchdog confirmed that Iran is implementing "nuclear-related commitments" under its deal with world powers.

Iran, the third-largest OPEC producer, could deliver involuntary cuts to supply forced by USA sanctions and Trump's exit from the nuclear deal - fundamental to the resumption of Iran as a major oil producer and exporter.

Even without disruption to Iran's crude flows, the balance between supply and demand in the oil market has been tightening steadily, especially in Asia, and as top exporter Saudi Arabia and No.1 producer Russian Federation have led efforts since 2017 to withhold oil supplies to prop up prices.

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.

Yemeni armed forces, supported by popular committees, fired Wednesday night a ballistic missile at the headquarters of Saudi Information and Electronic Warfare in Najran, southern Saudi Arabia.

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