Saudi Arabia, UAE, Russia to discuss oil supplies following US withdrawal from JCPOA
Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khalid al-Falih and UAE Minister of Energy and Industry Suhail al Mazroui plan to discuss with Russia’s Energy Minister Alexander Novak oil supplies in connection with the US withdrawal from the nuclear agreement with Iran (the Joint Comprehensive Plan of Action (JCPOA)). This is according to a statement by the UAE Ministry of Energy, APA reports quoting TASS.
"The two Ministers voiced their concerns about recent market volatility, fueled by anxiety over geopolitical events despite the availability of ample supply. They agreed to continue their consultations and to closely monitor the oil market and vowed to work together and with other producers within established mechanisms, as well as with major consumers to ensure market stability. The two Ministers renewed their commitment to security of supply and to work towards the interest of consumers and the health of the global economy. The Ministers agreed to meet jointly with the Russian Minister of Energy, Alexander Novak, in Saint Petersburg next week on the sidelines of the Saint Petersburg International Economic Forum to continue these consultations," the statement said.
St. Petersburg International Economic Forum will be held on May 24-26, 2018.
Iran nuclear deal
On May 8, US President Donald Trump announced Washington’s decision to withdraw from the Iran nuclear deal as it, he said, leaves Tehran a possibility to create a nuclear bomb bypassing all the restrictions. He noted another agreement with Iran should be signed.
The Joint Comprehensive Plan of Action (JCPOA), known as the deal on Iran’s nuclear program, was signed between Iran and six international mediators (the United Kingdom, Germany, China, Russia, the United States, and France) on July 14, 2015. On January 16, 2016, the parties to the deal announced beginning of its implementation. Under the deal, Iran undertakes to curb its nuclear activities and place them under total control of the International Atomic Energy Agency (IAEA) in exchange for removal of the sanctions imposed previously by the United Nations Security Council, the European Union and the United States over its nuclear program.
The day after Trump's announcement, Saudi Energy Minister Khalid al-Falih said that his country is ready to fill the oil shortage in the market in the event of sanctions against Iran. He also noted that he is consulting on this issue with Russia and the United States.
According to the calculations of the International Energy Agency (IEA), only four members of the OPEC + agreement - Saudi Arabia, Russia, Kuwait and the UAE - will be able to increase production in the shortest time so as to cover the dropped volumes of Iranian oil. The IEA estimates the current export of Iran at 2.4 million barrels per day, of which 1.2 million barrels could potentially fall under the restrictions.
Related news releases
- 25.06.2018Indonesia: 3 civiliians killed in separatist attack
- 25.06.2018Abbas Ready to Meet Netanyahu in Moscow - Palestinian Ambassador
- 25.06.2018Elections in Turkey held in compliance with int’l standards: TURKPA
- 24.06.2018Russian military demines Syria's Al-Naseriyah, South Douma
- 24.06.2018Senior Iranian Commander killed in Syria
- 24.06.2018Landmark day for Saudi women as kingdom's controversial driving ban ends
- 23.06.2018Turkey neutralizes at least 11 PKK terrorists in ops
- 23.06.20186 killed in landslide in Myanmar's northernmost state
- 22.06.2018Turkish army neutralizes 87 PKK terrorists in a week
- 22.06.2018Saudi-led coalition faces tough battle for Yemen's Hodeidah port
- 21.06.2018Trump: North Korea blowing up test sites, 'total denuclearization...has already started'
- 21.06.2018Syria’s Idlib rocked by twin bombings; 5 killed
- 21.06.2018North Korea preparing to destroy ICBM test site
- 21.06.201810 killed in road accident in NW Pakistan
- 21.06.2018Turkish airstrikes cause serious losses to PKK in Iraq
- 20.06.2018More than 240 undocumented migrants held across Turkey
- 20.06.2018Iran says no plans to increase missile range, rejects talks with Trump
- 20.06.2018North Korea expected to begin transferring remains of U.S. troops soon: officials
- 20.06.2018North Korea, China discuss 'true peace', denuclearization: KCNA
- 20.06.2018Uzbekistan starts direct negotiations with Taliban
- 20.06.2018Afghan president offers year of ceasefire to Taliban
- 19.06.2018Iran rules out OPEC deal as Russia, Saudi push for oil output hike
- 19.06.2018Russia, Saudi push for big hike in oil output despite Iran opposition
- 19.06.2018MERS kills scores in Saudi Arabia
- 19.06.2018North Korea's Kim in China; U.S., South Korea suspend military drill
- 19.06.2018US, Turkey start patrols in Manbij
- 19.06.2018Jordan’s king, Israeli PM hold discussions in Amman
- 18.06.2018Six Iraqis killed in Daesh ambush near Mosul: Official
- 18.06.2018US airstrikes kill 22 Hashd al-Shaabi fighters in Iraq
- 18.06.2018Turkish soldiers enter outer districts of north Syria's Manbij
- 16.06.2018Turkey hits 'critical gathering' of PKK in north Iraq
- 16.06.2018Blast taints cease-fire in Afghanistan, 20 killed
- 15.06.2018Yemen gov’t forces take Al-Hudaydah’s southern entrance
- 14.06.2018Kashmiri journalist shot dead
- 14.06.2018Moon celebrates peace as Koreas hold military talks
- 13.06.2018Arab states launch biggest assault of Yemen war with attack on main port
- 13.06.2018Russian military seize arms cache in Syria’s Homs province
- 13.06.2018Iraq: Al-Sadr allies with Fatah to form majority group
- 12.06.2018Trump: North Korea sanctions will remain, but ‘war games’ to end
- 12.06.2018Trump and Kim sign document following Singapore meeting
- 18.05.2018Iran calls on Muslims to revise trade ties with U.S. after Jerusalem move
- 19.05.2018Two North Koreans including a soldier defect to South Korea
- 19.05.2018Blasts at Afghan sports stadium kill as many as eight-officials
- 18.05.2018Russia, Syria can start work to rebuild Syrian economy, says Putin
- 17.05.20185 suspected bombers killed in southwest Pakistan
- 16.05.2018Israel summons Turkey's charge d'affaires