Saudi Arabia Pledges to Support Stability of Oil Markets After New Iran Sanctions
President Donald Trumpsaid Tuesday he was pulling out of a multilateral deal that removed previous sanctions on Tehran in exchange for Iran abandoning its nuclear ambitions.
The statement followed the announcement of the USA withdrawal from the JCPOA.
But Saudi Arabia has enough oil production capacity - now at 12 million barrels per day (bpd) - to maintain oil market stability, the OPEC source also said.
Trump also reinstated United States sanctions which could curtail Iran's ability to export oil, its mainstay for public revenues.
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.
During the last round of sanctions, Iran's oil supplies fell by around 1 million barrels per day (bpd), but the country re-emerged as a major oil exporter, especially to refiners in Asia, after sanctions were lifted in January 2016.
"We have managed to put together this new alliance between OPEC and non-OPEC".
"The kingdom of Saudi Arabia is committed to support the stability of the global oil markets to serve the interests of both producers and consumers and also the sustainability of global economic growth", the ministry statement said. The main global oil benchmarks on Monday hit their highest since late 2014.
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But he added Tehran would "wait a few weeks" until it has spoken with its allies and those committed to the nuclear deal. German Chancellor Angela Merkel and French President Emmanuel Macron both recently traveled to the U.S.to meet with Mr.
Italy's Saras, which runs the 300,000 b/d Sarroch refinery and is an active buyer of Iranian oil, said it is flexible in its crude oil imports and is ready to deal with potential supply disruptions.
"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".
But in a movement that defied pleas from close allies, " Trump said he'd attempt to reimpose economical sanctions on Tehran, simplifying concerns concerning the ongoing future of the supply-cutting agreement among OPEC members and allies including Russian Federation.
But the OPEC source said a rise in prices due to the market's worries about supply should not be the parameter for OPEC to adjust output.
He said that spare output capacity will be among the topics discussed when OPEC and non-OPEC energy and oil ministers meet next month in Vienna.
"The impact is too early to tell.it is a 180 days winding down period", another trader said, adding that some buyers might actually start to take more Iranian crude before the November 4 deadline. "The U.S. sanctions announced today are expected to result in a decline in Iranian crude oil production of 400,000 barrels per day".
OPEC's objective its still to reduce global oil inventories to an acceptable level and any adjustment in production targets should be done in a coordinated way, the OPEC source said.
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