IEA: Return Of Iran Sanctions Could Impact Oil Market Balance

OPEC's Barkindo Vows to Maintain Crude Market Stability, but Saudis Worry About Supply Shortage

"We have repeatedly said that Iran needs to seriously reconsider its approach if it truly wanted to establish good neighborly ties with Arab countries", he stated.

USA sanctions on Iran will have a six-month period during which buyers should "wind down" oil purchases, meaning any loss of supply will not be immediately felt in the market.

Saudi Arabia applauded Trump's announcement, but said it would seek to develop its own nuclear weapons if Iran does.

Companies and countries with commercial deals with Iran would have either 90 or 180 days to wind down those activities, depending on the type of products being sanctioned.

Over the past few months Shiite rebel forces have repeatedly launched missiles against Saudi Arabia, including Riyadh, which were regularly intercepted by defense systems.

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The recent upswing in prices - which has almost tripled crude values from lows hit in early 2016 - has led to speculation that the output curbs will soon be lifted as countries reliant on oil revenue seek to boost their coffers by raising their exports.

The statement said that in accordance with the goal of a nuclear-free zone in the Middle East, Iran should obtain nuclear weapons.

U.S. President Donald Trump's threat of sanctions against buyers of Iranian crude risks being batted back by some adversaries.

Qatar, alienated by a Saudi-led boycott, said priority must be given to non-proliferation and preventing a nuclear arms race.

"What the full impact on Iranian flows will be is still hard to estimate", Petromatrix strategist Olivier Jakob said.

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Washington's allies may find formulas to avoid sanctions exposure. At the core of the United States sanctions is a threat to cut-off companies that deal with Iran or its companies from the United States banking system.

Some, however, support Trump's withdrawal from the deal.

But Saudi Arabia has enough oil production capacity - now at 12 million barrels per day (bpd) - to maintain oil market stability, the source added.

"I believe that if Iran restarts its nuclear weapons program, beyond what it has right now, that should trigger the snapback provisions and cause all the other P5 countries to abandon the deal and re-impose sanctions on Iran", Jubeir pointed out.

Saudi Arabia has expressed support for the US pulling out of the nuclear deal, saying it did not adequately address Iran's behavior in the region.

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A guerilla war and separatist movement is going on in Indian-controlled Kashmir since 1989. Almost 70,000 people have been martyred in the uprising in held Kashmir.

Iran, the third-largest OPEC producer, could deliver involuntary cuts to supply forced by USA sanctions and Trump's exit from the nuclear deal - fundamental to the resumption of Iran as a major oil producer and exporter.

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