Revival of 2015 Iranian Nuclear Deal: roller coaster of talks reaches a peak on Wednesday

 

Talks on JCPOA -2015 Iranian nuclear deal

The rollercoaster of talks over the JCPOA, 2015 Iran nuclear deal, clearly is not short of peaks and troughs during its arduous journey spanning five distinct phases.

In response, the price of crude oil fluctuated wildly during the last few days with misplaced fear about a supply glut due to the arrival of Iranian oil into the markets.

On Tuesday, however, there were news-reports indicating that the signatories to the nuclear deal met with a serious impasse during their talks in Vienna; market watchers, understandably, attributed the rise in oil price to this development.

On Wednesday, however, optimism returned again from the negotiation team: Abbas Araghchi, Iran’s top negotiator, said on Wednesday that all sides of negotiations have shown their seriousness clearly.

Mr Araghchi went on to say that the team representing the signatories to the deal are eager to arrive at a conclusion during the fifth round of talks, which is said to be the final.

Although he didn’t mince his words while describing the difficult nature of the talks, he expressed his hope that an agreement would be reached by the end of this round of talks.

The renewed optimism on the part of the top Iranian negotiator managed to partially eclipse the cautious mood of Anthony Blinken, the US Secretary of State, who more or less dampened the hope, very recently.

It’s a race against time for the Iranian team, most probably picked up the outgoing President Hassan Rouhani’s administration, which wants to revive the deal that came about on their watch in 2015; they are aware of the possibility of hardliners returning to the administration with the presidential elections in June – and the risks involved when it comes to sanctions.

If a deal is struck, the crude oil prices will react to the anxiety over a potential supply glut for a few days. It, however, is going to be short-lived as the global growth forecasts are strong enough to stem the tide.

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