London — The international nuclear agreement with Iran might not be the only deal US President Donald Trump has unravelled. On Monday, Saudi Arabian Energy Minister Khalid Al-Falih was repeating his mantra that production cuts by oil cartel Opec and its allies must keep going. Within 48 hours, the country had raised the prospect of increasing output. Between the two pronouncements came Trump’s decision to scrap the nuclear accord with Iran, re-imposing sanctions on the world’s fifth-biggest oil exporter. "The Iranian sanctions may change the Opec June meeting completely," said Amrita Sen, chief oil analyst at consultants Energy Aspects in London. "It’s no longer about extending the production cuts, but rather about when to start raising output gradually." For the past 16 months, Opec, Russia and other allies have been constraining output to eliminate a global glut. They have largely achieved that goal, but the Saudis — keen for higher prices — have insisted the curbs should continue...

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