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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Iran Signals That Latest Nuclear Deal Proposal Could Be ‘Acceptable’

  • IRNA: Unnamed Iranian diplomat says that proposal for nuclear deal by EU could be acceptable.
  • Iran has been seeking assurances that no other U.S. president could unilaterally withdraw from the deal.
  • Oil prices could see further downward pressure if a deal is reached.

Iran considers that a European Union proposal for the restoration of the so-called nuclear deal could be "acceptable" if it provides assurances about the key demands of the Islamic Republic, a senior Iranian diplomat was quoted as saying on Friday.  Speaking to Iran's IRNA news agency, the unnamed Iranian diplomat said on Friday, as carried by Reuters: "Proposals by the EU can be acceptable if they provide Iran with assurance on the issues of safeguards, sanctions and guarantees."

Iran has been seeking assurances that no other U.S. president could unilaterally withdraw from the deal and impose new sanctions if such an agreement is reached now.  

The EU moderators of the indirect U.S.-Iran nuclear talks presented the two sides with a final version of the agreement earlier this week. 

"It is now in a final text," the European Union's top diplomat, Josep Borrell Fontelles, said in a tweet.

"What can be negotiated has been negotiated, and it's now in a final text. However, behind every technical issue and every paragraph lies a political decision that needs to be taken in the capitals. If these answers are positive, then we can sign this deal," he tweeted. 

Related: U.S. Natural Gas Rises To Two-Week High On Strong Demand

If a deal is reached between Iran and the world powers, it will pave the way for the lifting of the U.S. sanctions against Iranian oil exports, potentially easing an expected deficit on the market when the EU embargo on Russian seaborne imports enters into full force early next year. 

If a deal is agreed upon, oil prices could plunge to $80 per barrel, analysts have said.   

Iran can relatively quickly ramp up its oil production and exports in case sanctions on its oil industry are lifted, the Energy Intelligence Research & Advisory unit said this week. 

If a deal is reached this month, under Energy Intelligence's "Breakthrough" scenario, Iranian production could rise to nearly 3 million barrels per day (bpd) by the end of the year from just over 2.5 million bpd now, and further rise to 3.7 million bpd by June 2023, Energy Intelligence Research & Advisory said. Under this scenario, Iranian exports could rise to between 1.25 million bpd and 2 million bpd, respectively, up from an estimate of just below 1 million bpd for this month.

By Tsvetana Paraskova for Oilprice.com

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