Iran Nuclear Deal Is On Track To Be Restored

Latest comments concerning the restoration of the Iran nuclear deal were positive on Saturday. The participants in a meeting of the JCPOA (Joint Comprehensive Plan of Action) Joint Commission expressed optimism. The Russian envoy wrote on Twitter that “The participants took note with satisfaction of the progress made so far and expressed determination to continue negotiations with a view to complete the process successfully as soon as possible.“

In the meantime, according to Reuters, China’s ambassador to the U.N. nuclear watchdog, Wang Qun, told reporters “All parties have agreed to further pick up their pace in subsequent days by engaging (in) more extensive, substantive work on sanctions-lifting as well as other relevant issues“.

Finally, Bloomberg highlighted Iran’s lead negotiator noted “world powers had reached a “new understanding” and should soon start drafting a text outlining how they will restore the accord. Speaking to Iranian state television, Deputy Foreign Minister Abbas Araghchi said that serious disagreements still remained but that Iran was working on a draft text that could work as a framework for subsequent talks.“

Even though a new agreement is still far away, sentiment has changed and a positive momentum has taken shape since a few days. A successfull outcome would have significant consequences including lifting current sanctions on Iran, which would result in a boom of oil supply. In this context, it won’t be susprising if oil prices are under presure at the open on Monday.