Baku, Azerbaijan, April 2
By Aygun Badalova - Trend:
Yemen crisis does not change the pace of the negotiations between Iran and P5+1, analysts of the US JP Morgan bank said in an oil market report obtained by Trend.
"Iranian officials have demanded an immediate halt to strikes against the Shia Houthis and the US support of the operation seems to have concerned the market about the Iran and P5+1 negotiations," analysts said.
An international military operation kicked off on March 26 in Yemen against Iran-backed Shiite group- Ansarullah, with involvement of the armed forces of a number of Arab states led by Saudi Arabia. Iran denies accusations that it gives military assistance to the Shiite group.
However analysts retain the view that this does not change the course and pace of the negotiations on Iranian nuclear program. They believe that Iran's oil production will increase in 4Q2015 if negotiations result in the removal of sanctions.
Moreover, they believe, the removal of Iranian sanctions will provide additional 300,000 bpd of production starting in 4Q2015, and then rise up to 500,000 bpd in 1Q2016.
The P5+1 group (the US, UK, France, Russia, China, and Germany) members continue negotiation with Iran to achieve a comprehensive agreement on the Islamic Republic's nuclear program by July 1.
They were to reach a political understanding by March 31, but the negotiators decided to continue their talks on April 1. The talks extended to April 2 after the parties failed to achieve an agreement.
Iran's Foreign Minister, Mohammad Javad Zarif has previously said that Iran and P5+1 will announce a joint statement today if progress is achieved in ongoing nuclear talks. Zarif and the P5+1 foreign ministers held a new round of negotiations today morning in Lausanne, Switzerland on the 9th day of the nuclear talks.
Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter:@AygunBadalova