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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Iran Offers EU Two Options To Keep Nuclear Deal In Place

Iran has offered the European Union two options to keep the nuclear deal alive as the EU keeps failing to find a way to support the Iranian economy amid U.S. sanctions.

Bloomberg reports the options include either asking the United States to reinstate sanction waivers for the countries that import Iranian crude or providing a credit line to Tehran. The offer was made public by Iran’s Deputy Foreign Minister, Abbas Araghchi.

Araghchi said Iran’s President Hassan Rouhani had shared the options with his French counterpart Emmanuel Macron during a recent series of phone conversations.

“What Mr. Rouhani has told Macron is that if Europe wants to preserve the nuclear deal then they must establish our ability to sell oil,” the Deputy Foreign Minister said. “There are two options or solutions -- one is for them to go to the Americans and get waivers again for oil buyers so they can buy oil from Iran, or if they cannot do that, they themselves should buy that level of oil, using a credit line.”

The first option may be the less likely to succeed but the second one has a chance after President Trump said he was not against the idea of Europe providing Iran with “a letter of credit”, backed by oil, that would allow the country to meet pending payment obligations.

France’s President has spearheaded efforts to keep the Iran nuclear deal alive and last weekend met with Iran’s Foreign Minister Mohammad Javad Zarif, during the G7 summit. Zarif’s arrival at the summit surprised the United States.

Three unnamed sources told Reuters at the time that Tehran would demand increased oil exports if it was to discuss the nuclear deal. “As a goodwill gesture and a step toward creating space for negotiations, we have responded to France’s proposal. We want to export 700,000 bpd of oil and get paid in cash ... and that is just for a start. It should reach to 1.5 million bpd,” one of the sources said.

By Irina Slav for Oilprice.com

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