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Saudi Arabia knew it would lose share because Iran's production was on the rebound, said Robin Mills, founder of Dubai-based consultancy Qamar Energy.

Saudi Arabia, the world's biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC's agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority.

"If you're talking about winners, you can count Iran and Iraq," Christof Ruehl said at a conference in Dubai.

The Organisation of Petroleum Exporting Countries agreed to production limits for most of its members at a meeting in November and brought 11 other nations on board with the deal in December. Saudi Arabia, OPEC's biggest producer, agreed to cut output by 486,000 barrels a day while Iraq said it would cut 210,000 barrels a day. Iran was permitted to increase output by 90,000 barrels a day, according to the OPEC accord.

Saudi Arabia knew it would lose share because Iran's production was on the rebound, said Robin Mills, founder of Dubai-based consultancy Qamar Energy. "The Saudis agreed to production cuts at a time when Iranian production was at a high."

Saudi Arabia cut production from about 10.5 million barrels a day in December to as low as 9.87 million daily in January and 10 million a day last month, according to data compiled by Bloomberg.

Iran's output rose to 3.8 million barrels a day in January, the highest since April 2010, the data show. The Persian Gulf country insisted it needed to recover its market share following years of sanctions that penalised its oil industry until January 2016.

Iraq pumped 4.43 million barrels a day in March, down 200,000 barrels for the year, according to the data.

The struggle over market share is most pronounced in Asia, according to Mills and Edward Bell, commodities analyst at Dubai-based lender Emirates NBD PJSC. Iran and Iraq increased crude sales to China last month, while Saudi Arabia slipped behind Russia and Angola as the largest suppliers to the nation, data released Tuesday by the General Administration of Customs show.

"The Saudis are losing out because other countries are able to squeeze out more production," Bell of Emirates NBD said. Saudi Arabia is cutting crude pricing to Asia to hold on to its share, Bell said.

"The OPEC market share battle hasn't gone away," he said.

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Iran, Iraq boost oil market share at Saudi Arabia's expense - The Australian Financial Review

Forbes

Israel-Syria-Iran Conflict Would Severely Strain Iran Nuclear Agreement Forbes Israel's overt entrance into the Syrian civil war is increasingly becoming a very real risk despite the Israeli government's stated desire to remain neutral beyond conducting periodic airstrikes targeting Syrian and Iranian heavy weapons shipments to ... 'We will not allow Iranian forces and Hezbollah on Golan border'Arutz Sheva all 36 news articles »

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Israel-Syria-Iran Conflict Would Severely Strain Iran Nuclear Agreement - Forbes

DUBAI, United Arab Emirates A U.S. Navy guided-missile destroyer fired a warning flare toward an Iranian Revolutionary Guard vessel coming near it in the Persian Gulf, an American official said on Wednesday, the latest tense naval encounter between the two countries.

The incident happened Monday as the vessel attempted to draw closer to the USS Mahan despite the destroyer trying to turn away from it, said Lt. Ian McConnaughey, a spokesman for the Bahrain-based 5th Fleet.

The Mahan made several attempts to contact the Iranian vessel by bridge-to-bridge radio, issuing warning messages and twice sounding the internationally recognized danger signal of five short blasts with the ships whistle, as well as deploying a flare to determine the Iranian vessels intentions, McConnaughey said in a statement to The Associated Press.

The Iranian vessel came within 1,100 yards of the Mahan during the incident, the lieutenant said. The vessel later turned and sailed away.

Iranian authorities did not immediately report the incident on Wednesday.

The U.S. and Iran routinely have tense encounters in the Persian Gulf and the nearby Strait of Hormuz, through which a third of all oil traded by sea passes. Iran views the American presence as a provocation and its paramilitary Revolutionary Guard shadows U.S. Navy ships in the Gulf, occasionally firing missiles or rockets nearby.

Since the nuclear deal with world powers, the hard-line Revolutionary Guard has stepped up its encounters with the Americans.

The Navy recorded 35 instances of what it describes as unsafe and/or unprofessional interactions with Iranians forces in 2016, compared to 23 in 2015. With Mondays event, there have been seven so far in 2017, McConnaughey said.

Of the incidents last year, the worst involved Iranian forces capturing 10 U.S. sailors and holding them overnight.

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US fires warning flare toward Iranian ship in Persian Gulf - New York Post

Abu Dhabi Federal Appeal Court convicted the Iranian businessman for supporting Iran's nuclear programme

The Abu Dhabi Federal Appeal Court has sentenced an Iranian businessman, S.M.A.R., to 10 years in prison following his conviction of attempting to re-export an electric generator to Iran to assist in the country's nuclear programme.

Authorities have confiscated a generator and seized other devices related to the case, wam reported on Wednesday.

The man was found guilty of violating the international ban on nuclear weapons and will be deported after serving his sentence.

In other cases, the court issued a three-year prison sentence to two GCC nationals after they were found guilty of publishing information and spreading ideas online with the intent to incite sedition, hatred and sectarian racism. The two were also fined Dh500,000.

They have also beenorderedto delete the posts, and pay court expenses.

They will be deported after serving their sentences.

The court also reviewed and deferred judgment on a number of cases relating to national security.

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Businessman jailed in UAE for attempting to re-export generator to Iran - Khaleej Times

Financial Times

Iran hardliners struggle to present united front ahead of poll Financial Times Shortly after Ebrahim Raisi was confirmed as a hardline candidate for Iran's presidential election, he revealed a surprise weapon in his campaign armoury: his wife. Sample the FT's top stories for a week. You select the topic, we deliver the news ...

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Iran hardliners struggle to present united front ahead of poll - Financial Times