OPEC official: Ditching Iran deal would harm global economy

Israel's Ambassador to Egypt David Govrin

Israel's Ambassador to Egypt David Govrin

Ignoring pleas by allies, U.S. President Trump on Tuesday pulled out of a 2015 global deal with Iran and announced the "highest level" of sanctions against the OPEC member, making investors nervous about rising risks of conflict in the Middle East and about oil supplies in a tight market.

He also asserted that Saudi Arabia has not been that much successful to limit Iran's oil market, since the data and figures are clearly manifested the high records of crude oil exports.

Both the Houthi movement and Iran deny any military con nection-but are politically aligned in regional affairs. A decade ago, Iran' and Saudi Arabia's neighbor, the United Arab Emirates, pledged not to engage in any enrichment or reprocessing activities whether the materials and facilities were supplied by the United States or others.

As well as the nuclear deal fallout, tensions between the countries have been rising over Iran's support for the Huthi rebels in Yemen, who have been firing rockets across the border.

"We believe the deal does not deal with Iran's ballistic missile program nor does it deal with Iran's support for terrorism".

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Trump said the sanctions will be re-imposed because Iran continues to work on a bomb, based on evidence provided by Israel, and it backs terrorist groups around the Middle East.

Saudi Arabia said it reaffirmed its support for and welcomes the strategy previously announced by the U.S. president.

For analysis of why US allies in Europe opposed Trump's decision, read this excellent piece from Politico's Matthew Karnitschnig at this link.

Iran had ruled out renegotiating the accord and threatened to retaliate if Washington withdrew.

US politicians will want to avoid being blamed for a further escalation in the run up to congressional elections in November.

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"There is likely to be a feeling of jubilation in Riyadh and Abu Dhabi that the Trump administration - or at least the White House - has now come round to their thinking on Iran's threat to regional security".

"It's necessary to revise the agreement", Arab League chief Ahmed Abul Gheit said, expressing the "exasperation" of Arab nations in the face of the "destabilising politics" of Iran in the region.

The US Treasury Department said there will be "certain 90-day and 180-day wind-down periods" after which the anti-Iran sanctions will be in "full effect", including sanctions against Iran's oil sector. In March, Saudi Arabia's Crown Prince Mohammed bin Salman branded Iran's Supreme Leader Ayatollah Ali Khamenei as the "new Hitler".

India, which has long-standing ties with Iran but also has close political relations with the United States, is Iran's top oil client after China.

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