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Iranian oil could take several months to flow after reviving nuclear deal

Iranian oil

SHAFAQNA- Iranian oil could take months to flow after reviving nuclear deal, analysts said. Oil soared this week to almost $120 a barrel for the first time in a decade as the West slapped sanctions on Russia over Ukraine, before hopes that a deal with Iran could be announced within days knocked crude from its highs.

The nuclear talks appeared to near a climax on Friday (04 March 2022) with talk of an imminent ministerial meeting. But even if a deal were struck next week, it could take several months to confirm Iran‘s compliance so sanctions could be lifted, meaning it is unlikely any additional Iranian oil would hit the market until May or June, analysts said.

Most refiners around the world have also shunned Iranian oil for several years and they would need two to three months to finalise technical arrangements to enable imports from Iran to resume, analysts said.

Source: Reuters

 

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