Egypt follows with great concern developments of USA withdrawal from Iran deal

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

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

"I believe that if Iran restarts its nuclear weapons program, beyond what it has right now, that should trigger the snapback provisions and cause all the other P5 countries to abandon the deal and re-impose sanctions on Iran".

The pact was signed to prevent Iran from developing nuclear weapons, and in effect made it impossible for the country to produce a bomb.

During that trip, the Saudi crown prince also boasted about the kingdom's rich uranium reserves, saying Riyadh wants to have the ability to enrich its own uranium for use in the nuclear reactors to be built on Saudi soil.

The Egyptian Foreign Ministry also said Iran must abide by its commitments under the separate nuclear Non-Proliferation Treaty "in a way that will ensure that Iran remains a country free of nuclear weapons". Saudi Arabia, which has roughly 2.5 MMBPD of spare capacity, could fill in the gap and take market share from its rival, or allow a potential shortage raise oil prices further, supporting its planned IPO of Saudi Aramco.

Saudi Arabia, the United Arab Emirates and Bahrain swiftly backed US President Donald Trump's decision to reimpose sanctions on Tehran.

Despite Riyadh's assurances to find a replacement for Iranian oil production, the oil price did not remain stagnant, rising 3.2 percent up to $71.25 (futures for June) per barrel on May 9.

"All parties have an interest to act with restraint and wisdom in the face of this situation and to try to resolve conflicts through dialogue", its foreign ministry said.

The Bahrain News Agency, BNA, quoted a statement of the Ministry of Foreign Affairs as saying, "This decision reflects the commitment of the United States to confront Iranian policies and Iran's continuous attempts to spread terrorism in the region in full violation of global norms and laws". At the core of the United States sanctions is a threat to cut-off companies that deal with Iran or its companies from the United States banking system.

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

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

The renewed sanctions are meant to force Iran to renegotiate a 2015 agreement over its nuclear program the country's leaders have said they will not revisit.

Saudi Arabia and its Gulf allies have given high praise for Washington's decision to withdraw from the worldwide nuclear accord with Iran.

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