Arab League Stresses Need to Review Iran Nuclear Deal

OPEC's Barkindo Vows to Maintain Crude Market Stability, but Saudis Worry About Supply Shortage

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

"I don't foresee any major economic impact after the sanctions being reinstated but the political impact will be felt if Trump tries to escalate a war with Tehran which would be a major challenge", said an Omani political analyst with government links who preferred to remain anonymous for fear of talking explicitly about the withdrawal to global media.

Mr Falih said Saudi Arabia is not targeting a specific price for oil, discounting a May 4 report in The Wall Street Journal that Riyadh wants to oil to hit at least United States dollars 80 a barrel this year.

The US Treasury Department has indicated that sanctions won't be reimposed immediately, and will take up to 180 days to allow Iranian oil customers and other companies involved in doing business with Tehran to make plans. "Saudi Arabia will not in any way act independently of its partners".

The United States and Saudi Arabia appear to have reached a high-level political understanding in which the United States will intensify pressure on Iran in exchange for Saudi Arabia agreeing to help avoid a spike in oil prices.

President Donald Trump's decision to withdraw from the nuclear agreement with Iran marks the end of the current output agreement between OPEC and its allies.

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

"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 is monitoring the impact of the US withdrawal from the Iran nuclear deal on oil supplies and is ready to offset any shortage but it will not act alone to fill in the gap, an OPEC source familiar with the kingdom´s oil thinking told Reuters.

The Kingdom of Bahrain has also supported the decision of Trump.

The pact is seen widely seen by western experts and leaders as the best way to prevent Iran from obtaining nuclear weapons capabilities.

A ballistic missile launched by pro-Iranian Yemeni Houthi rebels was intercepted on its way to the capital Riyadh, Saudi media, including the website of Arab News, reported on Wednesday.

Saudi Arabia and its close allies Abu Dhabi and Kuwait hold nearly all the spare capacity that could respond quickly to a reduction in Iranian exports.

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.

Related news:

Hot News

isis-killer-beheading-video-story-top Jazz players hopeful after 2018 playoffs: 'We'll be back'
May 10, 2018 - 14:24
Until this breakthrough, he had played in more playoff games than any player in league history without reaching this point (86). His last, and most important goal, is for the Rockets to defeat the reigning champion Golden State Warriors in a 7 game series.

isis-killer-beheading-video-story-top Armenia's president appoints Pashinyan as prime minister
May 09, 2018 - 00:49
In such an event, the deeply unpopular Republicans would have little chance of retaining their parliamentary majority. Others wore camouflage T-shirts or caps mimicking Pashinyan's signature style (though he himself was in a dark suit).

isis-killer-beheading-video-story-top Phil Mickelson: Tiger Played Best Golf Ever At Peak
May 09, 2018 - 00:48
Mickelson closed with a 64 to win the event by two strokes, while Woods struggled to a final-round 75 and a tie for fifth place. The win comes after Day's victory at January's Farmers Insurance Open, his first title since the 2016 Players Championship.

isis-killer-beheading-video-story-top Nintendo Announces Price, Details of Forthcoming Switch Online Service
May 09, 2018 - 00:45
A Family Membership allows up to eight Nintendo Accounts to use the Nintendo Switch Online service , even on different systems. The news came after Kotaku sent an e-mail to Nintendo in the wake of the online service's full reveal .

isis-killer-beheading-video-story-top Destiny 2's Warmind Expansion Drops Tomorrow
May 09, 2018 - 00:43
Bungie released the Destiny 2: Warmind expansion to the PlayStation 4 , Xbox One , and PC Tuesday and update 1.2.0 along with it. Both the max level and max light level caps have increased for Destiny 2 , at least if you own the Warmind expansion.

isis-killer-beheading-video-story-top Captain crunch: LeBron shines brightest when closing games
May 09, 2018 - 00:42
Miles is making his first start of the Eastern Conference semifinal while Ibaka is back after not starting Game 3. James was also kind in victory, saying the Raptors were "a very well-balanced, put-together team this year".

isis-killer-beheading-video-story-top Apple mimics Huawei: Plans to launch triple-lens camera iPhone next year
May 09, 2018 - 00:41
The secondary telephoto camera on the iPhone X , 8, 8 Plus and 7 Plus is only capable of 2x optical zoom and 10x digital zoom. Apple may launch the successor to the iPhone X or the second generation of the iPhone X or the iPhone X Plus in 2018.

isis-killer-beheading-video-story-top Polish coal miners missing after natural disaster
May 08, 2018 - 02:08
Saturday after a tremor occurred at the Zofiowka coal mine, said Katarzyna Jablonska-Bajer of the Jastrzebie Coal Company. As Reuters reported, the rescuers have found another trapped miner, but his evacuation will take several hours.

isis-killer-beheading-video-story-top Ivanka, Kushner to attend opening of US Embassy in Jerusalem
May 08, 2018 - 02:07
The worldwide community considers the annexation illegal and considers east Jerusalem as occupied territory. Isolated globally, the Trump administration has gone ahead with its plans to open its embassy in Jerusalem.

isis-killer-beheading-video-story-top Childish Gambino drops powerful music video
May 08, 2018 - 02:02
However, that was SZA making a cameo at the very end, giving us hope that future collaborations are coming. One of the lyrics is "Grandma told me: get your money, black man".

GKN plc (LON:GKN) Weekly Ratings as of May 6, 2018
May 08, 2018 - 01:51
California Pub Employees Retirement System stated it has 0.03% of its portfolio in Arrow Global Group PLC (LON:ARW). Numis Securities maintained Arrow Global Group PLC (LON:ARW) on Tuesday, November 28 with "Buy" rating.

isis-killer-beheading-video-story-top Lebanon's PM Hariri says parliament bloc down by a third
May 08, 2018 - 01:49
Preliminary results showed two from the Kollouna Watani coalition, Paula Yacoubian and Joumana Haddad, gaining seats in Beirut . The election was held under that law adopted past year , which was expected to give Hezbollah a majority in parliament.

isis-killer-beheading-video-story-top Intel Corporation's (INTC) Data-Center Business Helps Fuel Earnings Beat
May 07, 2018 - 15:01
On Wednesday, January 3 the firm has "Sell" rating given by Rosenblatt. (NYSE:HON) on Monday, January 22 with "Buy" rating. Connor Clark And Lunn Investment Limited holds 0.02% or 18,650 shares. 14,550 are owned by Fairfield Bush. (NASDAQ:DAVE).

isis-killer-beheading-video-story-top Bank Holiday weekend temperatures could reach 20C, but don't expect sunshine
May 07, 2018 - 14:59
The BBC weather forecaster added temperatures could rocket to 29C in west London. "Perhaps even 28C or 29C to the west of London". Leading bookmaker Coral is slashed odds to 10-11 that this month ends as the hottest May on record in the UK.

isis-killer-beheading-video-story-top Instagram quietly launches payments for commerce
May 07, 2018 - 14:58
Now for users those who have this feature, they can add their debit/credit cards and set a profile PIN for additional security. What remains to be seen, is if Instagram will also introduce peer-to-peer payments similar to Messenger in the future.