Iran said it may renew a key nuclear monitoring agreement with the International Atomic Energy Agency, potentially buying more time for world powers to broker an arrangement between Tehran and Washington to revive their landmark 2015 atomic deal.
Mahmoud Vaezi, chief of staff for President Hassan Rouhani, said the extension of the temporary inspections pact with the IAEA will happen only if there’s progress at the current round of talks in Vienna with world powers over how to restore the nuclear deal, according to a statement on the Iranian government’s official website, dolat.ir.
He said he hopes to have “good news in the coming weeks” from the negotiations and reiterated the parties have agreed on “many important economic issues,” without giving any details.
Iran Warns Time Running Out to Secure Revival of Nuclear Deal
Diplomats, led by the European Union, are in Vienna trying to iron out differences between Iran and the U.S. over some key outstanding issues preventing them from agreeing on a path back to the accord that had lifted sanctions on Iran’s economy in exchange for limits on its nuclear program.
The temporary pact with the IAEA, described as a “stopgap measure” by Director General Rafael Mariano Grossi, has already been renewed once in order to give breathing space to the wider talks on the nuclear deal. It is due to expire on June 24.
Iran has so far said that an agreement is in place with the U.S. to lift sanctions on its industries, including the energy sector, however Washington has continued to sound more cautious, warning that there is still a lot that remains unresolved.
Oil markets are closely watching the negotiations for signs of how soon the U.S. penalties are likely to be removed and how quickly OPEC-member Iran will ramp-up oil production and boost exports of crude.
Earlier on Wednesday, RBC Capital Markets said the nuclear deal could be restored by August and before Rouhani leaves office. They said the market could expect to see an additional 1 million barrels a day of Iranian oil by the end of this year.
Iran May Get Nuclear Deal by August, Boost Oil Exports, RBC Says
Officials at the talks have also said they could be further complicated by Iran’s presidential elections on Friday when hardliner Ebrahim Raisi, a cleric who’s deeply hostile to the West, is widely expected to win office.
