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The future of oil prices is on the table after the European Union moderators of the U.S.-Iran nuclear talks presented the two sides with a final version of the agreement this week.
Should the sides make the respective concessions that the agreement requires, oil prices could plunge as Iranian crude returns to international markets officially. If the talks fail, Iran sanctions will remain, cutting the country off most international oil markets.
“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.
The New York Times cited an unnamed State Department spokesman as saying the U.S. side was “ready to quickly conclude a deal” and that the latest EU proposal was “the only possible basis” for such a deal. However, skepticism remains about Iran’s readiness to agree to this deal in the U.S. camp.
Still, the NYT report notes, Iran has reportedly gone back on two of its demands: the removal of the Islamic Revolutionary Guards Corps from the U.S. list of foreign terrorist organizations and guarantees that no future U.S. president would be able to go back on the deal if sealed and if Iran upholds its commitments as stipulated in the deal.
If a deal is agreed upon, oil prices could plunge to $80 per barrel, and they have declined following the news that a deal is in the making. However, uncertainty remains until the deal is signed by both parties.
By Irina Slav for Oilprice.com
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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.