Iran says it reached agreement with US on energy sanctions

UMMATIMES - The Iranian government said it had reached an agreement with the US on the lifting of sanctions on its industrial sectors, including energy. But they warned that very little time was left for world powers to revive the 2015 nuclear deal.

Iranian Foreign Ministry Spokesman Saeed Khatibzadeh gave no further details on the potential easing of trade restrictions. The sanctions have all prevented the Islamic Republic from exporting oil and destroying its economy. The landmark deal was postponed because there were still problems, he told reporters in Tehran on Monday (14/6).

Oil markets are closely watching the negotiations, which are taking place in Vienna, for clues as to when OPEC members may resume selling crude. Including how quickly Washington will allow it to increase production.

“A few minutes technical, political, legal and practical problems remained. No task is impossible for negotiators and no dead end,” Khatibzadeh said.

Brent crude rose one percent to more than IDR 1 million per barrel as of 8:50 am. In London, it extended its gains this year to 42 percent. Traders have pushed back their forecasts for the return of Iranian oil as talks drag on.

World powers are trying to revive the 2015 agreement the US abandoned three years ago. It curtailed Tehran's atomic activities in exchange for aid.

On Saturday, Iran's main envoy in Vienna, Abbas Araghchi, said a deal was unlikely before Friday's presidential election in his country. President Hassan Rouhani, who negotiated the deal in early 2015, will leave office in August after serving two terms.

He is widely expected to be succeeded by Ebrahim Raisi, a cleric generally considered hostile to the US.

However, a government spokesman said last week that the decision to try to revive the deal was made by Supreme Leader Ali Khamenei and would not be affected by Rouhani's departure.