A Gulf between Gulf nations over Oil - Iran and Saudi Arabia

A Gulf between Gulf nations over Oil - Iran and Saudi Arabia

A Gulf between Gulf nations over Oil - Iran and Saudi Arabia

Saudi Arabia, meanwhile, announced its support for steps announced by US President Donald Trump regarding the withdrawal of Washington from the nuclear accord with Iran and supports the resumption of economic sanctions on Tehran which were suspended under the P5+1 deal.

The "Vienna" production agreement, in place since early 2017, removed 1.8 million barrels a day from the market with both Saudi Arabia and Russian Federation giving up barrels, as well as other members of OPEC and the alliance.

President Trump pulled out of the Iran Nuclear Deal on Tuesday, stating that the deal was "defective at its core".

In April, the Houthis fired a barrage of ballistic missiles targeting Saudi Arabia, with fragments of one missile over Riyadh killing one person and wounding two.

"We will find the right way and at the right time to respond to this", he warned.

The higher oil price is a plus for Saudi Arabia, which analysts say wants to see a steadier market at a higher price to pave the way for its initial public offering of state-owned oil giant Saudi Aramco.

Oman, which orchestrated secret U.S. -Iran contacts that helped pave the way for the deal in 2015, was more measured.

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While both India and China have scope to lower their imports from Iran, they will likely be reluctant, especially given the ongoing dispute over pricing between China's top refiner Sinopec and Saudi Arabia. "With all the US production coming into the system, the market would look forward to a glut".

Saudi Arabia and its Gulf allies basked on Wednesday in what they saw as a political victory over Iran, their rival for regional influence, after Washington withdrew from the global nuclear accord with Tehran.

America's hawks would surely take issue with that whiffle bat analogy, since Tehran has long wanted to build a nuclear arsenal.

Saudi Crown Prince Mohammed bin Salman, who serves as Saudi defence minister, told CBS News in March that his country would "without a doubt" develop nuclear weapons if Iran did so.

"We have managed to put together this new alliance between OPEC and non-OPEC".

OPEC meets next in June, where it is widely expected to continue with the supply cuts until the end of 2018. Under such a situation, Iran may decide that its main reason for joining the deal, namely economic recovery through foreign investments, can not be achieved, and withdraw from the deal.

Barkindo said the cartel was committed to seeing the agreement through, but he hinted that market conditions could spur a change.

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