Published: Thu, May 10, 2018
Medical | By Alyssa Little

Arab League Stresses Need to Review Iran Nuclear Deal

Arab League Stresses Need to Review Iran Nuclear Deal

The kingdom is customarily coy about how it might respond but the prospective removal of Iranian crude from the market will send oil prices sharply higher unless other producers step up to fill the gap.

US sanctions on Iran will have a six-month period during which buyers should "wind down" oil purchases, meaning any loss of supply will not be immediately felt in the market.

The agreement is due to expire at the end of 2018.Saudi Arabia, the world´s largest oil exporter and top OPEC producer, is concerned about any negative impact from the possible supply shortage on oil-consuming countries, the OPEC source said.

The Egyptian Foreign Ministry also said Iran must abide by its commitments under the separate nuclear Non-Proliferation Treaty "in a way that will ensure that Iran remains a country free of nuclear weapons".

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The "threat" references the occasional missile attack from Yemen, a country that Saudi Arabia has blockaded and bombed into a situation of dire instability and poverty for over three years.

An OPEC source familiar with Saudi Arabia's oil strategy said on Wednesday the kingdom is monitoring the impact of United States withdrawal from the Iran deal on oil supplies and is prepared to offset any potential shortage.

That raised worries of a quick rise in oil prices.

The market had largely expected that President Trump would refuse to waive the sanctions on Iran this time around, and after an earlier dip on Tuesday, oil prices jumped after the announcement that the USA was walking away from the deal.

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China's foreign ministry said Beijing would defend the deal and urged parties "to assume a responsible attitude". The International Atomic Energy Agency, too, said Iran had committed no violations.

But the US sanctions on Iran, assuming they are effective, mark the end of the current output agreement. It violates United Nations resolutions with regards to ballistic missiles.

Trump said his decision to leave the JCPOA was created to counter that possibility. In March, Saudi Arabia's Crown Prince Mohammed bin Salman branded Iran's Supreme Leader Ayatollah Ali Khamenei as the "new Hitler".

"One thing that has changed and which I think is clearly a new development is that it seems to me that the White House administration has really pushed Saudi Arabia to do something about price and to put supply back into the market to make sure prices do not run up. before (when sanctions were last in place) Saudi Arabia was driving its own oil policy".

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Iran's top three rivals say its development of more powerful, longer-range ballistic missiles and its backing of majority-Shiite Muslim groups overseas are destabilizing to the Middle East. Saudi Arabia is now battling an insurgent Yemeni Zaidi Shiite Muslim group-also known as the Houthis or Ansar Allah-who occasionally targets Riyadh with missiles that Saudi Arabia claims are Iranian in origin.

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