Arab League Secretary Stresses Need to Review Iran Nuclear Deal

Randy Kelley
May 10, 2018

In a statement issued on Tuesday, the ministry stated although Egypt appreciates the USA and global assurance to address concerns about regional interference by Iran, it also asserted the necessity of Iran's adherence to worldwide obligations under the Treaty on the Non-Proliferation of Nuclear Weapons.

Though Iran is the third largest oil supplier to India, a top official of Indian Oil said the U.S. sanctions would not impact India's oil purchases from Iran as the country pays in euros.

Back in 2015, in exchange for relief from sanctions, Iran scaled back its nuclear program.

Coalition airstrikes hit a government building in the densely-populated Tahrir district of the capital on Monday, reportedly killing six people, and rebels fired several missiles in the days that followed towards different targets in Saudi Arabia.

Saudi Arabia "will work with major producers and consumers within and outside OPEC to limit the impact of any supply shortages", a Saudi energy ministry official said on Wednesday, according to state news agency SPA.

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.

While Gulf petro-states stand to benefit from a rise in prices, the U.S. move could mean new fissures in the region. Preventing the two countries from having a nuclear-weapon capability and competing in a nuclear arms race is the goal.

China's foreign ministry said Beijing would defend the deal and urged parties "to assume a responsible attitude".

However, since Trump's announcement, Iran has threatened to gather uranium if negotations fail in response to the United States withdrawal from the agreement.

The other looming debacle is whether a U.S. pullout from the Iran deal could trigger a nuclear arms race.

Some, however, support Trump's withdrawal from the deal.

For Saudi Arabia, that is "fine" because it means the return of sanctions and ratcheting up pressure on Iran in the region, including by Israel.

But Saudi Arabia has enough oil production capacity - now at 12 million barrels per day (bpd) - to maintain oil market stability, the source added.

UAE Minister of State for Foreign Affaris, Anwar Gargash, tweeted that Iran had been emboldened by the nuclear deal, and "its ballistic missile programme became both offensive & exportable". By then, hopefully the direction of Iranian actions on its nuclear program and any U.S responses will be clearer and allow Washington to tailor the Saudi agreement accordingly.

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