Reviving the 2015 Iran Nuclear Deal: Iran and negotiators are upbeat about a breakthrough

 

Iran 2015 nuclear deal - negotiations in Vienna

There are positive signs emerging from the current meetings between Iran and the signatories to the 2015 nuclear deal that take place in Vienna, the Austrian capital.

According to the media reports, the delegates from the United Kingdom, Russia, Iran, Germany, France and China are continuing with the negotiations, while reporting the progress made to their US counterparts, staying in a different hotel in the Austrian capital.

Iran’s top negotiator seems to be upbeat about the progress made so far; he declared that ‘new understanding’ emerges from the talks that they held so far – involving all sides.

Having moved the goal posts a few times, Iran and the signatories of the 2015 nuclear deal have come a long way, slowly easing their stubborn stance with time; Iran is leading on this front – softening its position.

Despite the good news that comes from Vienna, some regional obstacles still remain: for instance, Iran, mainly Shia, Persian nation, already accused the GCC, Gulf Corporation Council, consists mainly of Arab nations, of sabotaging the talks.

The GCC issued a statement this week that they should be included in the ongoing discussions; they also want Iran to address their concerns with regard to Iran’s uranium enrichment programme.

Iran branded the move ‘irresponsible and immature’. The bone of contention between Iran and the GCC, however, did not dampen the expectation of the real progress of the talks over the 2015 nuclear issue.

With these developments, there is a strong possibility of reaching a new deal. When it happens, Iran will lose no time in selling its most precious commodity, crude oil, to revive its economy, battered by 3-year-old US sanctions and the Coronavirus pandemic.

When Iranian oil reaches the markets, there will be a measureable effect on the supply of the commodity. Since the main global economic engines are going to be full steam ahead, the excess supply may not make a serious dent on the oil prices – in foreseeable future.

 

 

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