Saudi Arabia can boost oil output

OPEC's Barkindo Vows to Maintain Crude Market Stability, but Saudis Worry About Supply Shortage

"We have made it very clear that if Iran acquires a nuclear capability we will do everything we can to do the same", Saudi Arabia's Foreign Minister Adel al-Jubeir said.

Secretary General of the Organization of Islamic Cooperation (OIC) Dr. Yousef Al-Othaimeen stressed the importance that the USA decision would lead to addressing the danger being posed by Iran's policies to destabilize the security and stability of Islamic countries.

Saudi Arabia and its Gulf allies have given high praise for Washington's decision to withdraw from the worldwide nuclear accord with Iran. The deal was created to prevent Iran from using its nuclear program to pursue the development of nuclear weapons and to ensure its peaceful nature.

The Gulf states, led most prominently by Saudi Arabia and the UAE, have been mired in proxy wars such as Yemen, where since 2015 the conflict has claimed more than 10,000 lives and forced the state to the brink of starvation. It is in talks with the U.S. to secure an atomic deal that could pave the way for the Saudi regime to enrich uranium.

Saudi Arabia applauded Trump's announcement, but said it would seek to develop its own nuclear weapons if Iran does.

Except for Saudi Arabia and Israel, the entire worldwide community reacted with anger to Trump's decision to abandon the deal, which has been hailed as a victory for global diplomacy and a pillar of regional stability.

The restoration of sanctions on Iran-the world's fifth-largest oil exporter-may have implications for the market balance, the International Energy Agency (IEA) said in a statement on Wednesday, adding that it is closely following the situation.

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The same source went on to add that Saudi Arabia will not fill the gap on its own, but is working on possible solutions with the United Arab Emirates (the UAE is the current holder of the OPEC presidency for 2018) and Russian Federation (as a party to the agreement between OPEC and non-OPEC oil producers).

The Saudi foreign minister responded they will do "whatever it takes to protect our people". Reuters reported, citing an unnamed source in OPEC, that Riyadh is looking into possibilities of filling the likely gap in oil production consequent to the resumption of USA sanctions against Tehran.

US Secretary of State Mike Pompeo, left, is greeted by Saudi King Salman in Riyadh, Saudi Arabia.

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

But Saudi Arabia has enough oil production capacity - now at 12 million barrels per day (bpd) - to maintain oil market stability, the source added.

According to the same fact-checking website, although Israeli Prime Minister Benjamin Netanyahu presented a trove of documents, they did not add any new information - much of what he had offered was not news for the worldwide community.

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