Finance

Bahrain, Saudi back United States decision By

Bahrain, Saudi back United States decision By

Even without disruption to Iran's crude flows, the balance between supply and demand in the oil market has been tightening steadily, especially in Asia, and as top exporter Saudi Arabia and No.1 producer Russian Federation have led efforts since 2017 to withhold oil supplies to prop up prices.

Saudi Arabia, meanwhile, announced its support for steps announced by US President Donald Trump regarding the withdrawal of Washington from the nuclear accord with Iran and supports the resumption of economic sanctions on Tehran which were suspended under the P5+1 deal. China imported 1.1-million bpd from Saudi Arabia in the first quarter, down 5.7%, making the Kingdom the second biggest supplier behind Russian Federation.

Bahrain and Saudi Arabia said they supported the decision of US President to withdraw from the nuclear agreement with Iran and to re-impose severe sanctions.

If the Trump administration reimposes all USA nuclear-related sanctions, including secondary sanctions targeting worldwide trade with Iran, then European countries will find it extremely hard to do business with Iran.

Saudi Arabia is now pursuing a nuclear program for what it claims to be energy purposes.

"We are largely unaffected", said A.K. Sharma, finance chief at Indian Oil Corp (IOC). While the Gulf states may want to see the US and Israel try to cut Iran to size, I don't think they want to get dragged into a direct confrontation themselves.




Saudi Arabia and Iran have long contended over influence in the region. To be sure, this could risk the chances for the US bid-Riyadh may want to move more quickly, or it may decide to work with a non-U.S. company that places fewer restrictions on its enrichment and reprocessing capabilities.

"People shouldn't take it for granted that Saudi Arabia will produce more oil single-handedly".

Noting tighter oil market conditions in recent months, the Paris-based agency - whose mandate is to safeguard global energy security - said it was monitoring the market situation.

Saudi Arabian Crown Prince Mohammed bin Salman told CBS News in March, "Saudi Arabia does not want to acquire any nuclear bomb, but without a doubt, if Iran developed a nuclear bomb, we will follow suit as soon as possible". "I think the White House just hopes the Vienna alliance will sunset, and they put barrels on the market".

Current OPEC and non-OPEC production levels were specified for a world over-supplied with crude.

Iran, which has not cut production, is an OPEC member and it has been opposed to the production deal continuing and is likely to continue to be opposed. "Political interference will disrupt the process of development and exchange in the market".


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