MOSCOW, July 13 – PRIME. Lifting the oil embargo on Iran with the resumption of the nuclear deal could stabilize the global oil market and smooth out price fluctuations, said Sergey Tereshkin, CEO of the oil products marketplace "Open Oil Market" (a Skolkovo resident), in a comment to RIA Novosti.

On July 7, Iran's head of the election commission, Mohsen Eslami, announced that the reformist politician Masoud Pezeshkian won the second round of the extraordinary presidential elections in Iran. The inauguration is set to take place on July 30. Pezeshkian positions himself as a "conditional reformist." Experts note that on foreign policy, he insists that Iran's foreign policy should be multivectoral and expresses confidence that Iran's fate and economy are linked to breaking free from isolation and establishing relations with the West. He supports the resumption of the nuclear deal.

The expert noted that, de facto, Iran has already returned to the oil market, but in the coming years, its "return" could become official. "This concerns the resumption of the nuclear deal, under which the oil embargo could be lifted in exchange for control over Iran's nuclear facilities by the leading world powers (Russia, China, the United States, the United Kingdom, France, Germany). The likelihood of such a scenario has increased after Masoud Pezeshkian's victory in Iran's presidential elections," he said.

According to the agency's source, the lifting of the embargo would allow Iran not only to increase but also to diversify its exports, redirecting some shipments to Japan, South Korea, Turkey, and Southern Europe, which were key consumers of Iranian oil before 2019.

"This, in turn, would contribute to stabilizing the oil market and preventing price spikes, as seen in 2018 (after the introduction of the anti-Iranian embargo) and in 2022-2023 against the backdrop of sanctions on Russia and a series of conflicts in the Middle East," added Tereshkin.

However, despite the embargo, Iran is already steadily increasing its oil production and exports, said the CEO of "Open Oil Market." In 2023, oil production stood at 2.87 million barrels per day, and by the first half of this year, it had reached 3.25 million barrels per day. "For comparison: a year before the introduction of the U.S. embargo in 2018-2019, production was 3.82 million barrels per day," the expert explained. According to Tereshkin, the increase in exports is related to the growth of shadow shipments to China, which are carried out through Malaysia.

In 2015, the United Kingdom, Germany, China, Russia, the United States, France, and Iran signed the nuclear deal – the Joint Comprehensive Plan of Action (JCPOA), which involved the lifting of sanctions in exchange for limitations on Iran's nuclear program. In May 2018, under President Donald Trump, the U.S. withdrew from the JCPOA and reinstated sanctions against Tehran. In response, Iran announced a phased reduction of its commitments under the agreement, abandoning restrictions on nuclear research, centrifuges, and uranium enrichment level.



Translated using ChatGPT

Sourse: https://1prime.ru/20240713/iran-850073007.html