BAKU, Azerbaijan, Feb.17
By Leman Zeynalova – Trend:
The negotiations in Vienna between Iran and six other countries, of which the U.S., on the JCPOA (Joint Comprehensive Plan of Action) are a bearish factor for the oil prices, Francis Perrin, Senior Fellow at the Policy Center for the New South (PCNS, Rabat) and at the French Institute for International and Strategic Affairs (IRIS, Paris) told Trend.
“If there was an agreement between Iran and the U.S. Washington would lift a great part of the economic sanctions imposed by the Trump Administration on Iran since 2018. This would allow the National Iranian Oil Company (NIOC) to increase its oil production and exports over a period of some to several months. This potential increase in Iran's oil output is about 1.5 million b/d, which is very significant,” the expert explained.
He pointed out that negotiations in Vienna did not generate a lot of hope over the past few months but some positive signs emerged very recently.
“The U.S. decided to lift a very small part of its sanctions on Iran to send a message to Tehran. And the Supreme Leader of the Islamic Republic of Iran, Ali Khamenei, said that negotiation with the enemy (the U.S.) is not tantamount to surrender, which opens the way to some concessions from Iran. As of today, the bullish factors are dominating the world oil landscape but what happens between Russia and Ukraine and between Iran and the U.S. over the next few days and weeks will largely influence the future evolution of world oil prices,” added Perrin.
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