Saudi Arabia claims intercepting Houthi-fired missiles over Riyadh

Saudi Arabia claims intercepting Houthi-fired missiles over Riyadh

Saudi Arabia claims intercepting Houthi-fired missiles over Riyadh

Asked whether Riyadh would "build a bomb itself" if Tehran seizes on Washington's withdrawal from the 2015 Iran deal to resume a nuclear weapons program, Jubeir said: "If Iran acquires nuclear capability we will do everything we can to do the same".

The kingdom is customarily coy about how it might respond but the prospective removal of Iranian crude from the market will send oil prices sharply higher unless other producers step up to fill the gap. Prior to the signing of the Vienna agreement, Iran has exported one million barrels a day.

Col. Turki Al-Malki, spokesman of the Coalition to restore legitimacy in Yemen, said that at 11.29 a.m. on Wednesday the Saudi Royal Air Defense Force intercepted a ballistic missile launched by the Houthi terrorist militia from the Yemeni territory, north of Amran region.

The original agreement between the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other oil exporters, led by Russian Federation, set output levels in December 2016.

Last month, Trump accused OPEC in a tweet of "artificially" boosting oil prices. The main global oil benchmarks on Monday hit their highest since late 2014. The agreement has been extended until the end of 2018.

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"Iran's exports of oil to Asia and Europe will nearly certainly decline later this year and into 2019 as some nations seek alternatives in order to avoid trouble with Washington and as sanctions start to bite", said Sukrit Vijayakar, director of energy consultancy Trifecta.

Saudi Arabia and other USA allies queued up on Wednesday to praise Trump's decision, as did Yemen's internationally-recognised government, which has been forced into exile by Houthi advances.

A number of countries have already cut their reliance on Iranian oil, as well as other "traditional" sources of supply, due to surge in cheaper USA crude exports.

Current OPEC and non-OPEC production levels were specified for a world over-supplied with crude.

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

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