Monday, 22 October, 2018

Iran deal withdrawal, other global issues risk higher oil prices - Goldman Sachs

Reuters Reuters
Elsie Buchanan | 10 May, 2018, 12:22

Saudi Arabia will seek nuclear weapons if Iran acquires them, AFP news agency reported today, quoting a Saudi minister.

Wednesday's comments echo ones from Crown Prince Mohammed bin Salman comments in March, when he told "60 Minutes" that Saudi Arabia "does not want to acquire any nuclear bomb", but added that "if Iran developed a nuclear bomb, we will follow suit as soon as possible".

The Arab League on Wednesday called for the Iran nuclear deal to be revised, a day after President Donald Trump pulled the United States out of the accord.

Meanwhile, European allies sought to salvage the global nuclear pact with Iran.

The government approved a national policy for its atomic energy programme on Tuesday, including limiting all nuclear activities to peaceful purposes, within the limits defined by worldwide treaties. It is in talks with the USA to secure an atomic deal that could pave the way for the Saudi regime to enrich uranium.

Despite US criticism that the accord does not go far enough in monitoring Iran's nuclear activities, the IAEA points to the fact that its inspectors have spent 3,000 man days per year on the ground in Iran.

Trump nominee for Central Intelligence Agency director grilled by Senate
Wednesday morning, lawmakers asked Haspel if she would allow the agency to waterboard suspects again if the president ordered it. By all accounts, Gina Haspel is a consummate professional who rose up through the ranks during her 33 years with the agency.


Some, however, support Trump's withdrawal from the deal. Although a reactor deal would produce the highest revenue, there are many other important areas through which the United States can assist the Saudi nuclear program-from developing its power grid, building related infrastructure to training personnel, and developing independent legislative body.

"As long as Iran was constrained and closely inspected, the Saudis could afford to put off their nuclear ambitions", Mark Fitzpatrick, executive director of the American branch of the International Institute for Strategic Studies, said on Tuesday.

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

Retired US Army Major and historian Todd Pierce told Sputnik that Trump's announcement was a triumph for the leaders of Israel and Saudi Arabia, both of whom want the United States to confront Iran.

"We need to assess first the impact if there is any, in terms of disruption, in terms of a reduction of IranĀ“s production", the OPEC source said on Wednesday. Saudi Arabia, the UAE, Bahrain and Egypt imposed a trade and transport boycott in June, accusing Doha of financing militant groups and cozying up to Iran.

The nuclear deal reached in 2015 has only tackled the nuclear side in the Iranian practices, which was not the sole element that should have been watched, the statement said. Iran denies arming them. Prime Minister Benjamin Netanyahu called the decision "courageous".

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