Saudi Arabia, other producers to ensure market stability amid Iran sanctions: Falih

Saudi Arabia, other producers to ensure market stability amid Iran sanctions: Falih

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.

The Agence France-Presse reported that Saudi Foreign Minister Adel al-Jubeir said Wednesday that the country would do "everything we can" to build a nuclear bomb in that situation.

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".

Jubeir's renewed vow came after US President Donald Trump pulled the United States out of an accord created to prevent Tehran's alleged quest for the bomb.

But the U.S. Treasury has already made clear it expects importers to start cutting purchases of Iranian crude immediately if they want to obtain a waiver later, according to a briefing note issued by the Treasury on Tuesday.

In a coffee shop, Saudi businessman Ziad said the kingdom's leadership was correct to challenge a deal that had eased sanctions in exchange for Tehran taking measures that would prevent it being able to make a nuclear weapon.

In an anticipated decision, Trump withdrew from the deal on Tuesday, having previously said that Iran was in violation of the "spirit" of the worldwide agreement.

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"These missiles are Iranian manufactured and delivered to the Houthis".

The result has been a sharp increase in prices, which has been broadly welcomed by OPEC members, especially Saudi Arabia, which needs the revenues to pay for its ambitious transformation programme.

Yemen's Huthi rebels quickly claimed responsibility for attacking "Riyadh Dry Port and other economic targets" in the Saudi capital with Burkan 2H ballistic missiles.

Iran's supreme leader, Ayatollah Ali Khamenei, suggested Iran could ramp up its nuclear program in response to Trump's decision to withdraw from the 2015 deal.

State-run Saudi Press Agency said the country's air defences hours earlier had also intercepted a ballistic missile targeting the southern city of Jizan.

"Could it be really in (Iran's) interest today to sign as much as Saudi-led Russian deal to expand these cuts? Saudi Arabia will not in any way act independently of its partners". "Last week, Israel published intelligence documents, long concealed by Iran, conclusively showing the Iranian regime and its history of pursuing nuclear weapons", Donald Trump said in White House remarks on May 8.

"We hope the region will remain stable and I personally think this matter will not affect oil supplies from the Gulf", he said. "The consequences could be severe", said Joost Hiltermann, program director, Middle East and North Africa at the International Crisis Group.

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