Arab League Stresses Need to Review Iran Nuclear Deal

Arab League Stresses Need to Review Iran Nuclear Deal

"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.

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