Published: Thu, May 10, 2018
Economy | By Shawn Conner

Saudi Arabia may fill in the gap for Iranian oil post-sanctions

Saudi Arabia has threatened to build a nuclear weapon if Iran pursued such a weapon of mass destruction, in the wake of a USA exit from a historic nuclear deal.

Ministry of Foreign Affairs and International Cooperation has announced on late Tuesday its support to the US decision to withdraw from the Iran nuclear deal.

He added the kingdom "remains committed to supporting the stability of oil markets for the benefit of producers and consumers alike, and for sustaining growth in global economy".

Since the Iran nuclear deal went into effect, its exports have risen to about 2.5 million bpd, from less than 1 million bpd.

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Anwar Gargash, UAE Minister of State for Foreign Affairs, tweeted that Iran had been emboldened by the nuclear deal, and "its ballistic missile program became both offensive & exportable". Although a reactor deal would produce the highest revenue, there are many other important areas through which the United States can assist the Saudi nuclear program-from developing its power grid, building related infrastructure to training personnel, and developing independent legislative body.

"Months before it became clear that Mr. Trump had a decent shot at being elected, the Iranian military increased support for President Bashar al-Assad in Syria; it expanded its influence in Iraq and accelerated its support for terror groups".

The oil price is at its highest since late 2014 and is on track for its fourth consecutive quarterly gain, the longest such stretch for over 10 years.

This fact has been at the heart of Western and regional concerns over the nuclear work of Iran, Saudi Arabia's arch-rival which enriches uranium domestically. Yet, even in the case that Saudi Arabia keeps to its schedule, the USA nuclear industry could still play an important role.

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Saudi Arabia has expressed support for the USA pulling out of the nuclear deal, saying it did not adequately address Iran's behavior in the region.

Maliki blamed the attack on "militiamen and terrorists, vassals of Iran" who try to "threaten the security of Saudi Arabia, the region and the world".

It also remains uncertain as to how buyers of Iranian crude will respond to the USA decision. "As we get close to $80, they have to consider that the market will be looking for their decision on next year", Sfakianakis said. "And the Iranians must be held accountable for this", Jubeir told CNN. "I think the White House just hopes the Vienna alliance will sunset, and they put barrels on the market".

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

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