Gulf braces for fallout after U.S. exit from Iran deal

10 May, 2018, 14:24 | Author: Otis Hoffman
  • Colourful and oozing defiance a sports-friendly version of the abaya gown was once considered a symbol of cultural rebellion in conservative Saudi Arabia but it is

The South Asian country remained a big buyer of Iranian oil even during previous Western sanctions, though it had to cut purchases to win some waivers as the trade was mostly done in United States dollars. If the Trump administration reimposes all US nuclear-related sanctions, including secondary sanctions targeting global trade with Iran, then European countries will find it extremely hard to do business with Iran.

The world's top oil exporter has previously said it wants nuclear technology only for peaceful uses, but has left unclear whether it also wants to enrich uranium to produce nuclear fuel, a process which can also be used in the production of atomic weapons.

President Trump's decision yesterday to "nix" the Iran Nuclear Deal was reckless. "Saudi Arabia will not in any way act independently of its partners", the sources added.

"The kingdom will work with major oil producers within and outside OPEC, and with major consumers as well to limit the impact of any shortages in supplies", the Saudi energy ministry said in a Saudi Press Agency statement late Tuesday.

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 US was walking away from the deal.

"The Secretary-General reminds all parties to the conflict that they must uphold worldwide humanitarian law, including taking steps to protect civilians", said a statement issued on behalf of the Secretary-General, by his Spokesperson Stéphane Dujarric.

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

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"What the full impact on Iranian flows will be is still hard to estimate", Petromatrix strategist Olivier Jakob said.

Trump has consistently been a harsh opponent of the Iran deal, calling it "the worst" and "defective at its core".

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

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

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

The two countries have long had tense relations - one of them Sunni (Saudi Arabia) and the other Shiite (Iran), they have lead proxy wars, backing opposing sides in Iraq and Syria.

Riyadh, which leads a regional coalition that intervened in Yemen's civil war to fight the Houthis, accuses Iran of supplying the militia with ballistic missiles.

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