Saudi Arabia intercepts two missiles over Riyadh

Jerusalem

Asked whether Riyadh would "build a bomb itself" if Tehran seizes on Washington's withdrawal from the 2015 Iran deal to resume a nuclear weapons program, Jubeir said: "If Iran acquires nuclear capability we will do everything we can to do the same".

Analysts' estimates of the possible reduction in Iranian crude supplies as a result of any new USA sanctions range from as little as 200,000 bpd to as much as 1 million bpd, with most impact from 2019 as sanctions take time to impose.

Negotiating a new deal on output levels is likely to prove tricky since OPEC operates by consensus and sanctions pit two of its most important producers directly against one another.

The Organization of the Petroleum Exporting Countries is in the midst of an oil supply-cutting deal with non-OPEC producers such as Russian Federation that has helped erase a global glut and boosted oil prices above $75, the highest since 2014.

Saudi Arabia now pumps around 10 million bpd, but has capacity of around 12 million bpd - a surplus of two million bpd. A majority goes to Asia, with Europe receiving about 600,000 bpd.

Brent crude was trading about $77 at a 3-1/2 year high on Wednesday, raising concerns that prices were going too high too fast.

In retrospect, the president's tweet on April 20 blaming OPEC for high oil prices can be seen as part of the negotiating process to reach an understanding with Saudi Arabia.

Bournemouth 1 Swansea City 0: Swans' Premier League status in real danger
The first of their two remaining games is against Southampton , in a clash which could decide the fates of both teams. Carvalhal is well aware of the importance of three points against Southampton .


Saudi Arabia hailed on Tuesday Trump's decision, saying that it will back Trump's further measures to counter Iran's destabilizing actions and nuclear ambitions.

"But it should be done in a collective coordinated way and that can only happen when you start to be able to assess what would be the impact".

OPEC meets next in June, where it is widely expected to continue with the supply cuts until the end of 2018.

But a drop in Iranian exports due to USA sanctions, plus supply disruptions in other OPEC members, such as Venezuela, could reduce supply more than planned, leading to a potential price spike.

All key crude oil futures contracts saw traded volumes jump as investors took new positions and refiners hedged to protect themselves from higher feedstock prices. Its production accounts for about 4 percent of the world's oil supplies. "It is too early now to do that", the source said.

They also pose a political problem since neither the Trump administration nor Saudi Arabia will want to be blamed for pushing up prices for motorists in the United States and elsewhere.

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