Reuters witnesses: Loud booms heard in Saudi capital

Reuters witnesses: Loud booms heard in Saudi capital

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".

He also asserted that Saudi Arabia has not been that much successful to limit Iran's oil market, since the data and figures are clearly manifested the high records of crude oil exports.

Reuters cited Saudi Arabian Energy Minister Mr Khalid al-Falih as saying that he was concerned about possible shortages of spare crude oil output capacity, although he believes the market is in better shape after the OPEC-led production cuts that started in 2016.

Ignoring pleas by allies, Trump on Tuesday pulled out of an worldwide agreement with Iran that was agreed in late 2015, raising the risk of conflict in the Middle East and casting uncertainty over global oil supplies at a time when the crude market is already tight.

Trump accused OPEC last month of "artificially" boosting oil prices in a message on Twitter, the first time he has mentioned OPEC on social media. Oil prices have surged as the output cut agreement by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russian Federation, has held.

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"You need to work with your partners in dealing with any potential effect on supply", the OPEC source said.

OPEC meets next in June, where it is widely expected to continue with the supply cuts until the end of 2018. Saudi Arabia has also imposed an air and sea blockade on Yemen.

But a drop in Iranian exports due to US sanctions, plus supply disruptions in other OPEC members, such as Venezuela, could reduce supply more than planned, leading to a potential price spike.

The collapse in Venezuelan output has reduced production much more than intended and caused global oil inventories to draw down much faster than OPEC predicted at the end of previous year. Its production accounts for about 4 percent of the world's oil supplies.

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