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Full Article Images of December Best photos of the year Follow Reuters Facebook Twitter RSS YouTube Read Search of Italian cruise ship resumes, hopes fade | 11:17am EST Netanyahu deputy "disappointed" with Obama on Iran 15 Jan 2012 Carnival and cruise sector count cost of disaster 8:18am EST Huntsman to quit presidential race 11:05am EST Greece dispatches officials to U.S., default fears grow 11:17am EST Discussed 151 Gay marriage a threat to humanity’s future-Pope 135 Buffett to GOP: You pay and so will I 123 Romney opens 21-point lead in South Carolina: Reuters/Ipsos poll Watched Korean couple found alive in capsized ship Sun, Jan 15 2012 Ship captain defends actions Sun, Jan 15 2012 Italian cruise ship runs aground, three dead Sat, Jan 14 2012 Saudi Arabia doubts Iran oil blockade claim Tweet Share this Email Print Related News Saudi says can pump more fast, favors $100 oil 8:51am EST Iran warns of consequences if Arabs back oil sanctions Sun, Jan 15 2012 Iran OPEC government warns Arab oil producers Sun, Jan 15 2012 Iran sends rare letter to U.S. over killed scientist Sun, Jan 15 2012 Obama's olive branch to Iran turned into sanctions hammer Fri, Jan 13 2012 Analysis & Opinion Press Round-up – January 16 King Abdullah replaces head of Saudi Arabia’s Islamic religious police Related Topics World » Saudi Arabia » EDITORS' NOTE: Reuters and other foreign media are subject to Iranian restrictions on their ability to film or take pictures in Tehran. Military personnel place a flag on a submarine during the Velayat-90 war games by the Iranian navy in the Strait of Hormuz in southern Iran December 27, 2011. Credit: Reuters/IIPA/Ali Mohammadi By Ramin Mostafavi TEHRAN | Mon Jan 16, 2012 9:25am EST TEHRAN (Reuters) - Saudi Arabia on Monday expressed doubts over Iran's claim it could block the main oil shipping route out of the Gulf and made clear it was ready to pump more oil after sanctions threatened to cut Iranian sales of crude. Brent crude rose above $111 on concerns about global oil supplies if sanctions freeze OPEC's second biggest producer out of the market or push it towards military conflict, while Saudi Arabia said it would work to stabilize the price at $100. Israel, which has often said it could strike Iran to stop it developing nuclear weapons, called for tough new sanctions against Tehran to stop its nuclear program. But it said that for sanctions to work effectively, all countries must join in - a subtle swipe at Russia and China which oppose the latest Western moves. "Iran must be stopped and the good news is that Iran can be stopped with economic and diplomatic means once the entire international community gathers together with effective sanctions," Deputy Foreign Minister Danny Ayalon told the BBC. Tehran has been under a growing array of U.N. and unilateral sanctions for years, but a U.S. bill that President Barack Obama signed into law on New Year's Eve went far further than previously, aiming to stop countries paying for Iranian oil. The European Union - Iran's second biggest oil customer after China, buying some 450,000 barrels per day of its 2.6 million bpd exports - is also expected to agree to embargo Iranian oil at a foreign ministers meeting on January 23. The measures go far further than U.N. sanctions agreed by China and Russia and have helped cause a currency crisis in Iran where dollars are now a scarce commodity for Iranians seeking a safe haven for their vulnerable rial-denominated savings. DANGEROUS The new sanctions prompted Iran to threaten to close the Gulf to oil trade if it was prevented from selling its oil and Supreme Leader Ayatollah Ali Khamenei's senior military adviser reiterated Iran would act decisively to protect itself. "Iran would use any tools to defend its national interests, if it was exposed to any dangers," Major-General Yahya Rahim-Safavi said, according to the semi-official Mehr news agency. Israel - reputed to have the Middle East's only nuclear arsenal - said such talk was more evidence of the need to act quickly against Tehran. "A nuclear Iran would mean a new world order where a very dangerous terroristic regime has impunity and also can control oil flow and oil prices," Ayalon said. U.S. Joint Chiefs of Staff Chairman General Martin Dempsey is to make his first visit to Israel on Thursday. Israeli media say he will try to persuade his hosts not to "surprise" Washington on Iran. Saudi Arabia, Iran's main rival for influence in the Middle East which would play a key role in replacing Iranian oil in he event of an embargo, played down Tehran's talk of closing the Strait of Hormuz, the vital shipping lane for Gulf exports. "I personally do not believe that the Strait, if it were shut, will be shut for any length of time. The world cannot stand for that," Saudi Arabia's Oil Minister Ali al-Naimi told CNN. "I don't think all these pronouncements are helpful to the international oil market or to the price of oil. It's really disturbing." Iran's warning to its Gulf Arab neighbors not to raise oil output to replace its crude appeared to have fallen on deaf ears. Naimi said Riyadh could increase production by about 2 million barrels per day (bpd) "almost immediately." "Our wish and hope is we can stabilize this oil price and keep it at a level around $100," Naimi said. The leader of China, Iran's biggest oil customer was in Abu Dhabi on Monday, on a six-day tour of the region where he hopes for greater access to its huge oil and gas reserves. Although Beijing opposes further international sanctions on Iran, it has already cut its purchases of Iranian oil by more than half for the first two months of this year. A senior Iranian oil official denied reports that Iran's exports to Asia were already suffering due to the intensified sanctions pressure, saying contracts were bring renewed on schedule. In addition to the confrontation with the United States over sanctions, Iran has accused it of being behind the latest murder of a nuclear scientist, blown up by a bomb attached to his car last in Tehran week, a charge Washington denies. Parliament speaker Ali Larijani said "some people have been arrested" in connection with the assassination, the fifth such killing in the last two years. Larijani gave no further details but told state-run Arabic language al Alam TV Tehran was ready to deal with sanctions. "We are prepared for oil sanctions and have different scenarios, but we would not announce them in order to avoid alerting our enemies," he said. (Additional reporting by Peter Griffiths in London; Writing by Robin Pomeroy; Editing by Giles Elgood) World Saudi Arabia Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) txgadfly wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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