US President Joe Biden said during his address to the UN General Assembly that Washington planned to resume the stalled talks on reviving a nuclear deal with Iran. Biden promised that the US would return to full compliance with the Joint Comprehensive Plan of Action (JCPOA) if Iran did the same. Separately, Iran’s foreign ministry spokesman said in an interview with state-run IRNA news agency that Tehran was ready to resume the talks in the next few weeks.
The talks hit a stalemate in mid-June prior to the transition of Iranian presidency to Ebrahim Raisi in early August. This puts 1.7 million bpd of the world’s oil supply at stake by the end of 2022, analysts said. Iranian oil production is expected to rise to 3.87 million bpd by December 2022 if the two countries reach a deal that includes complete removal of US oil sanctions by April 2022. If negotiations are pushed back further or collapse, Iran’s supply will likely drop to 2.17 million bpd by the end of next year.
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Published on September 22, 2021 2:59 PM (GMT+8)Last Updated on September 22, 2021 2:59 PM (GMT+8)
