2023-06-18 08:11:31
Geopolitical developments
This coincides with the emergence of other signs of Iran’s awakening, including reaching a preliminary agreement with Saudi Arabia – its longtime regional rival – last April, efforts to rectify the status of its ally, Syrian President Bashar al-Assad, and secret talks to ease tensions with the White House.
And through negotiation between mediating parties in the Sultanate of Oman, and dialogue on the sidelines of United Nations meetings, Washington and Tehran are slowly approaching an understanding to free American prisoners, while discussing restrictions imposed on Iranian nuclear research in exchange for opening the way to export more quantities of crude oil, according to a person familiar with the matter. Iranian position.
Saudi Arabia and Iran agree to resume diplomatic relations
A US State Department official said rumors regarding a nuclear deal were “false and misleading” and that the priority for the United States was to prevent Iran from obtaining a nuclear weapon. While Tehran asserts that its nuclear program is for peaceful purposes only.
However, additional oil shipments – along with the flows of Russia and Venezuela, the other two sanctioned OPEC+ members – are already reaching global oil markets, negatively affecting them.
Prices have fallen 12% this year to near $75 a barrel on the London Stock Exchange, and this has resulted in a wave of downgrades by forecasters such as Goldman Sachs. and JPMorgan Chase & Co.
The increase in Iranian exports undermined the efforts of the Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia to stabilize the market, which this month announced a new production cut of 1 million barrels per day, but that step had a limited impact.
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