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

A Saudi woman practices driving in Riyadh on April 29 ahead of the lifting of a ban in June. Yousef Doubisi  AFP

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".

U.S. West Texas Intermediate crude futures were up 42 cents at $71.56 a barrel.

As Iran reconsiders its commitment to the deal that no longer protects it from US sanctions, Jubeir told CNN, "I believe that if Iran restarts its enrichment program beyond what it has right now that should trigger the snapback provision and cause all the other P5 [U.N. Security Council's five permanent members] countries to abandon the deal and reimpose sanctions on Iran".

Trump announced Tuesday the United States's withdrawal from the Iran nuclear deal, calling it "defective to its core".

Sensex rises by 126.88 pts
ICICI Bank was the star performer in Tuesday's session, comfortably topping the gainers' list by surging almost 7 percent. ICICI Bank had on Monday reported that its net profit for January-March nearly halved to Rs 1,020 crore.

At an Arab League summit last month hosted by Saudi Arabia, the country's King Salman said the regional body agreed to "renew our strong condemnation of Iran's terrorist acts in the Arab region and reject its blatant interference in the affairs of Arab countries". If the Trump administration reimposes all US nuclear-related sanctions, including secondary sanctions targeting global trade with Iran, then European countries will find it extremely hard to do business with Iran.

Such a loss would boost oil prices by about $6.20 per barrel, Goldman said.

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.

Washington's allies may find formulas to avoid sanctions exposure.

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USA gasoline prices are already averaging just under $3 per gallon, the highest level since late 2014, up from $2.50 a year ago.

"Saudi Arabia does not want to acquire any nuclear bomb [s], but without a doubt if Iran developed a nuclear bomb, we will follow suit as soon as possible", MBS told CBS in an interview. It violates United Nations resolutions with regards to ballistic missiles.

In theory, USA sanctions on Iran's oil industry will not be re-imposed for six months to give customers, traders and banks time to wind down their relationships in an orderly fashion. Its production accounts for about 4 percent of the world's oil supplies.

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.

Israeli authorities begin putting up road signs for U.S. embassy in Jerusalem
Trump's daughter, Ivanka Trump, and son-in-law, Jared Kushner, who serve as advisers to the president, will also attend. No country now has its embassy in Jerusalem, instead keeping them in the Israeli commercial capital Tel Aviv.

The other looming debacle is whether a USA pullout from the Iran deal could trigger a nuclear arms race.

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