We may be about to see a surge in oil from Iran. That’s the hope, at least, surrounding talks in Vienna aiming to revive the 2015 nuclear deal, also known as the Joint Comprehensive Plan of Action.
Sanctions on Iran were first removed in 2016, after a deal was struck to limit the Persian Gulf nation’s nuclear program, only to be reinstated when former President Donald Trump later tore up the agreement. If sanctions are lifted once more, the country will be able to boost its oil production and unlock a wave of barrels stored in onshore tanks and on ships anchored around the world.
That could help reverse some of the recent rise in crude prices and take pressure off motorists faced with the highest fuel prices they have seen in more than seven years.
The talks between Iran and a group of six nations — the U.S., China, Russia, the U.K., France and Germany — have been going on for months and are heading for the finish line, according to a senior European Union diplomat. But what lies beyond the tape remains unclear, and there are still some political obstacles to overcome.
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