OPEC Source: Saudis Can Boost Oil Output After US Quits Iran Deal

On Tuesday, US President Donald Trump made a decision to stop upholding his end of the Iran nuclear deal, an agreement that lifted sanctions on Iran in exchange for Tehran's nuclear cooperation.

The United States risks greater isolation and unpredictability in its anti-Iran drive after President Donald Trump opted to pull out of the Iran nuclear deal despite warnings from European allies, advisers and even some fellow Republicans, experts say.

The Egyptian Foreign Ministry also said Iran must abide by its commitments under the separate nuclear Non-Proliferation Treaty "in a way that will ensure that Iran remains a country free of nuclear weapons".

Oman has plans in the works for a sea pipeline that will import Iranian natural gas.

That figure has since soared to 2.5 million bpd.

"The Secretary-General reminds all parties to the conflict that they must uphold global humanitarian law, including taking steps to protect civilians", said a statement issued on behalf of the Secretary-General, by his Spokesperson Stéphane Dujarric.

A key USA ally, Saudi Arabia welcomed Trump's decision to withdraw from the nuclear agreement with Iran and to reimpose economic sanctions.

The governments of France, Germany and the United Kingdom all said on Tuesday they wanted to stick to the deal. He added that Japan would "carefully analyse the impact that this announcement would have".

Both the Houthi movement and Iran deny any military con nection-but are politically aligned in regional affairs. A majority goes to Asia, with Europe receiving about 600,000 bpd.

A senior official with a Chinese oil major, who declined to be named because he is not authorised to speak to the media, said new sanctions would hurt Chinese refiners by pushing up the price of crude oil, the most important feedstock for the petroleum industry.

Deputy minister of petroleum for worldwide 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.

Saudi Arabia had already boosted its oil output during the last round of sanctions.

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. While a specific quantity of reductions that would make buyers eligible for waivers wasn't announced, a slew of nations including China, India and South Korea received them.

For Iran's clients, what happens this time will likely echo the last episode earlier this decade, when Iran was also sanctioned by the U.S. Back then countries were given exemptions by the U.S. - reviewed every 180 days - if they "significantly" reduced imports from the Islamic Republic.

While Gulf petro-states stand to benefit from a rise in prices, the USA move could mean new fissures in the region.

When sanctions were loosened against Tehran in 2016, India ramped up imports from Iran to nearly 900,000 bpd in late 2016, but intake has fallen back to around 500,000 bpd this year.

The higher oil price is a plus for Saudi Arabia, which analysts say wants to see a steadier market at a higher price to pave the way for its initial public offering of state-owned oil giant Saudi Aramco.

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