Sanctions spell the end of OPEC output deal: Kemp

Markets are betting companies and consumers can cope with the increase in the price of benchmark US crude

President Trump pulled out of the Iran Nuclear Deal on Tuesday, stating that the deal was "defective at its core". But Trump can prove that he truly wants to prevent an arms race in the Middle East by insisting on specific provisions in the nuclear cooperation agreement with Saudi Arabia that will make it harder for Riyadh to use its nuclear energy program for weapons purposes.

One of US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu's chief arguments against the Iran nuclear deal was that it would trigger an atomic weapons race in the Middle East in the years preceding the deal's expiry.

In any case, oil sanctions will kick in in about six months, by which time most Indian refiners "may have consumed most of their Iranian volumes", Ramachandran said.

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

Egypt backed the Arab League's message and called for Arab participation "especially that which is related to the possibility of amending the nuclear deal with Iran".

This would make the United States the world's largest producer, ahead of both Russian Federation and Saudi Arabia. In March, Saudi Arabia's Crown Prince Mohammed bin Salman branded Iran's Supreme Leader Ayatollah Ali Khamenei as the "new Hitler".

Saudi Arabia announced on May 9 that it will be monitoring the effect of the U.S. withdrawal from the JCPOA (also known as the Iran deal) on the crude oil market, as Iran's market share could now decrease.

Sonam Kapoor choses a gilded white designer lehenga for her mehandi
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"We need to assess first the impact if there is any, in terms of disruption, in terms of a reduction of Iran´s production", the OPEC source said on Wednesday.

Maliki blamed the attack on "militiamen and terrorists, vassals of Iran" who try to "threaten the security of Saudi Arabia, the region and the world".

Deputy minister of petroleum for global affairs and trading declared that JCPOA is legitimate to us as far as we could provide equipment, sell crude oil, gain the revenues and export crude oil, otherwise it has no legitimacy.

"I am in close contact with OPEC 's presidency, Russian Federation and the U.S., and will be connecting with other producers and major consumers over the next few days to ensure market stability", he added.

Riyadh and Tel Aviv have been working covertly to normalize ties and form an alliance against Iran based on their opposition to the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), and the Islamic Republic's growing regional influence.

"The IAEA is closely following developments", Amano said.

The European Union also said Israel should take the claims to the IAEA.

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