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New concerns Iran deal may start nuclear arms race

This is a rush transcript from "Your World," October 19, 2015. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: In the meantime, another thing that reflects global weakness. Look at oil continue to slip, slide away, now under $46 a barrel.

Iran getting back on the market might have something to do with it. Part of that deal that we had includes Iran getting more oil on the market.  Just want to make sure I got this right in my notes here. Iran has already secured getting another half-million barrels of oil a day on the market.

Now, this deal calls for upwards of two million barrels a day, but that's a lot of oil. And it comes at a time when, because of that deal, other countries and other regions are looking at taking advantage of their own little maybe nuclear stockpiles or doing what Iran has done to take advantage of this and get some agreements that go their way.

United Arab Emirates the latest to say, you know, we want in on this nuclear thing.

This is just what House Foreign Affairs Chairman Ed Royce has been talking about from the fine state of California.

Congressman, well, you said something this might happen, and it has happened. But they all want in, right?

REP. ED ROYCE, R-CALIF.: Neil, that's the problem.

As one of the ambassadors told me, your worst enemy has just obtained the right to enrich. Your friends are going to right want that right, too.  And I think the other aspect of it is not just that Iran obtained something that our friends didn't obtain when they signed on to what we call the gold standard, and the other aspect is, are we actually going to enforce against Iran any of these provisions?

Now, you and I, I think, heard the administration say that there was going to be a prohibition in terms of arms transfers. And yet we see General Suleimani twice now, in violation of sanctions, fly to Russia in order to discuss arms.

We just saw the other day a new missile being tested, a ballistic missile, long-range one, which could carry a warhead. That seems to be in direct violation. And they're talking about rearming Hezbollah and Hamas.

CAVUTO: Direct violation of what, though, Congressman, direct violation of what? Because the argument against that is that it might be in direct violation of U.N. resolutions, maybe not this deal.

You say it doesn't matter; there are other enough grays here to make you pause to whether Iran is holding up its end of the bargain. Right?

ROYCE: This is the part of the bait and switch of this. During the debate, the talking points said that -- those supporting the administration were arguing, look, sanctions are still in place. They're not going to be able to transfer arms. That would be a violation.

Yes, they meant a violation of the sanctions that the United Nations, but if you don't intend to enforce them, what meaning does it have? And we heard Rouhani, the head of state in Iran, the president of Iran, then say, we have no intention of abiding by that U.N. sanction, and we will transfer them.

CAVUTO: Well, the bottom line, to your point, sir, just to get back to the subject here, what -- we do know that they secured, that is, Iran, a half- a-million barrels day,do, up to two million barrels could be out there.

ROYCE: right.

CAVUTO: So, they are going to get some money for that.

And have already got set customers for that oil, including Asian, African, European buyers, who have committed to buy the oil. What do you think of those areas, countries, regions that are already lining up to be customers for that Iranian oil?

ROYCE: Well, I think it was very predictable.

But I think some of those countries who have convinced themselves that the proceeds of those purchases of oil will go to people in Iran. That's not the case. The Iranian Revolutionary Guard corps will be the beneficiary.  They're the ones that control the companies in Iran. They're the ones that are then going to turn around and be able to buy the weapons systems.

So when you see these Iranian commanders flying to Moscow, two trips now for the Quds Force leader who has killed over 600 Americans in terms of the bombings that he planned, the guy in charge of assassinations outside of Iran, where do you think the money is going to go? That's what I would ask these European leaders.

CAVUTO: Well, they have got that money now.

ROYCE: And I think it's very clear.

CAVUTO: Yes.

ROYCE: Yes. And now they have got that money.

CAVUTO: Every day -- every day, they're going to have a lot of money.

ROYCE: This is what we warned about.

CAVUTO: All right, Congressman, thank you very, very much. Good seeing you.

ROYCE: Thank you, Neil.

CAVUTO: All right.

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