Yemen's Iran-allied rebels fire missiles at Saudi capital

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

"Following the U.S. withdrawal from the Iran deal, I would like to confirm our commitment to oil market stability for the benefit of producers and consumers", Falih said in a tweet.

"At the end of the month there is an OPEC meeting and these matters will be on the negotiations table", Luaibi said in response to a question from reporters on whether Iraq would plug the gap in supply expected from the reintroduction of sanctions on Iran's oil sales.

While Trump's decision has pleased allies in Israel and Persian Gulf countries like Saudi Arabia, it pits the U.S. against its closest European allies, leaves the future of Tehran's nuclear ambitions in question and raises the prospects of a regional arms race. Of course, the high oil price suits Saudi Arabia ...

USA crude settled down $1.67 at $69.06 per barrel and Brent settled down $1.32 at $74.85.

It says Saudi Arabia will work with major producers to reduce the effects of any supply shortages.

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The existence of an understanding was confirmed by the U.S. Treasury Secretary who told reporters on Tuesday that "we have had conversations with various parties. that would be willing to increase oil supply".

Back in 2015, in exchange for relief from sanctions, Iran scaled back its nuclear program.

Oil prices are stable because of market stability, he said, because OPEC's goal "is not prices but market stability and lowering storage levels".

Ahead of Trump's selection to impose fresh sanctions on Tehran, analysts experienced warned that it would wipe up around at least one billion barrels each day of Iranian crude exports and heighten geopolitical tensions in the Middle East - anticipated to function as home of around one-third of the world's daily oil distribution. That raised worries of a quick rise in oil prices.

"At the heart of the Iran deal was a giant fiction - that a murderous regime desired only a peaceful nuclear energy program".

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Saudi Arabia and Iran have long contended over influence in the region.

OPEC up coming matches to examine output policy in Vienna.

It was the busiest day in USA front-month contracts since August, and for Brent the busiest in nearly a month.

"The Omani, Qatari, and Kuwaiti governments have all sought to maintain pragmatic relations - economic more than political - with Iran", said Kristian Coates Ulrichsen from the Texas-based Rice University's Baker Institute.

Despite US criticism that the accord does not go far enough in monitoring Iran's nuclear activities, the IAEA points to the fact that its inspectors have spent 3,000 man days per year on the ground in Iran.

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"We have managed to put together this new alliance between OPEC and non-OPEC".

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