“We’re going to continue our support to the Lebanese armed forces and security services with one objective in mind, which is to ensure that the army continues its role as a legitimate protector of Lebanon’s borders, people, including from extremist threats”, Toner said.
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Riyadh says it would also halt a $1 billion deal to equip Lebanese police.
The $3 billion package was provided to Lebanon to buy military equipment from France.
“Saudi Arabia is suffering a severe financial crisis” which Hezbollah said was linked to “the huge cost of its sinful aggression on brotherly Yemen” and the collapse in global oil prices. Tensions between Saudi Arabia and Iran have increased due to the execution of a leading Shia cleric, Nimr al-Nimr, in the kingdom earlier this year and an intensification in fighting in northern Syria.
Prices initially rebounded on Tuesday, before hitting reverse as traders assessed the conditional agreement between Saudi Arabia and Russian Federation and two other producers to limit output.
Syria’s war has exacerbated political rivalries within Lebanon, which has been without a president for nearly two years because of fierce disagreements between Hezbollah and its rivals.
But Samir Geagea, who heads the Christian Lebanese Forces party, blamed Hezbollah for the country’s loss of billions of dollars “for attacking” Saudi Arabia. The kingdom of Saudi Arabia will protect its market share and we have said so,”he said in an interview”.
Saudi Arabia and other OPEC producers have refused to reduce output in an attempt to drive less competitive players, in particular United States shale oil producers, out of the market.
On his part, Prime Minister Tammam Salam wished “that the decision to cut aid would be reconsidered” and the former Prime Minister Saad Hariri announced that he “understands the decision” and hopes that Saudi Arabia will treat Lebanon like “an older brother would treat his younger brother”.
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In a clear reference to non-Arab Iran, Gulf Cooperation Council Secretary-General Abdullatif al-Zayani said it was “deeply regretful that Lebanon’s decision-making was now hostage to the interests of a regional power, contradicting Arab national security and the interests of the Arab nation”.
