Saudi Arabia can boost oil output

Saudi Arabia can boost oil output

The Arab League on Wednesday called for the Iran nuclear deal to be revised, a day after President Donald Trump pulled the United States out of the accord.

The regional rival of Iran and long-time U.S. ally, Saudi Arabia, said it "supports and welcomes" Trump's decision.

Coalition airstrikes hit a government building in the densely-populated Tahrir district of the capital on Monday, reportedly killing six people, and rebels fired several missiles in the days that followed towards different targets in Saudi Arabia.

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.

But a drop in Iranian exports due to a return of USA sanctions, plus involuntary supply losses in other OPEC members such as Venezuela, would mean the supply cut would be significantly larger than intended.

Iran's regional foe Saudi Arabia said it "supports and welcomes" Trump's decision, while Riyadh's Gulf allies the UAE and Bahrain also backed the US.

More news: Explosions at Pakistan mines kill over 20

Meanwhile, European allies sought to salvage the global nuclear pact with Iran.

The comments came as the United Nations nuclear watchdog confirmed that Iran is implementing "nuclear-related commitments" under its deal with world powers.

Back in 2015, in exchange for relief from sanctions, Iran scaled back its nuclear program. The country is now building a nuclear power program for energy purposes, although al-Jubeir indicated that it could be expanded to include an arsenal of weapons. The International Atomic Energy Agency, an international watchdog monitoring nuclear developments, had stated that Iran has been keeping its side of the bargain and complying with the 2015 Joint Comprehensive Plan of Action.

Iran's top three rivals say its development of more powerful, longer-range ballistic missiles and its backing of majority-Shiite Muslim groups overseas are destabilizing to the Middle East. Saudi Arabia is now battling an insurgent Yemeni Zaidi Shiite Muslim group-also known as the Houthis or Ansar Allah-who occasionally targets Riyadh with missiles that Saudi Arabia claims are Iranian in origin.

But he added that supporting such groups would remain a priority for Iran. The two countries are negotiating a nuclear-cooperation agreement but a sticking point has involved whether the Saudis will agree to forego dual-use technologies that can be used to produce either nuclear energy or nuclear weapons. The other nuclear states are Russian Federation, the U.S, France, China, the U.K., Pakistan, India and North Korea.

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