The war in Ukraine has seen the price of oil rising precipitously, with WTI crude prices up to $115 per barrel, the highest since 2008. Analysts warn the price could get worse as the fighting continues unresolved.
Fortunately, there is a potential fix on the horizon. An increase in supply would calm prices, and reaching the Iran nuclear deal would mean allowing Iran to start pumping out exports.
That’d be a win-win for the deal, giving Iran much-needed sales at a time when the world could use more supply. Under the 2015 deal, the US was very reluctant to let Iran sell oil or let anyone buy it.
Transportation Secretary Pete Buttigieg discussed the matter Wednesday, saying that “all options are on the table” on oil prices, and that this might include buying from Iran.
When the US talks “all options” on Iran, it almost always involves threatening war. Peaceful trade is an option rarely under consideration, to the point where Buttigieg faced criticism for even presenting it as a possibility.
Iran wants more sanctions relief than that. So why would Iran sell oil to the US when the JCPOA deal is not revived? Better to use the high prices to pressure the US to rejoin the deal. The problem is, as I mentioned in the other thread, this was never about a fictional Iranian weapons program. It was always about Iran itself and Israel.
Second question: Is there any reference that says Iran increasing its oil output can offset cutting Europe off from Russia’s oil? Because that may be coming,
It was never even about Israel but about the currency Iran was using for oil sales and it was NOT the US $. Iran was setting up its own oil bourse and by Dec 2007 was selling oil in rial, euro and currencies other than US $. So if the JCPOA is actually revived and sanctions lifted (don’t hold you breath for how long) look to see in which denomination oil sales will be priced/sold.
That, too, but Israel is also involved.
I can see Iran filling tankers tomorrow, nothing like selling a few million barrels of Oil to put a smile on a Ayatollahs face.
Better than the vicious face of the US∕NATO mob.
Similar, not better.
As compared to strangling their country economically and allowing the average non-Ayatollahs to live in abject misery? I’ll take it.
All options from the USA never means peace and/or fairness. Are all the illegal Trump sanctions withdrawn? The only demand by Iran before any other action was this. Why on earth not???
Now they got u by the ba… Iran knows us would betray them whenever it feels it has the upper hand also they remember how us treated it when pandemic was it’s worst and us denizen getting the vaccine
It’s not like turning a faucet on and off, you know! It will take months if not years to get production back up again.
Meanwhile, get used to $5 a gallon and higher gas …
Not according to their oil minister. He says two months. Their production has actually increased from the start of 2021 to the end of 2021.
https://www.reuters.com/business/energy/iran-can-reach-top-oil-output-2-months-after-nuclear-deal-oil-minister-2022-03-03/
https://tradingeconomics.com/iran/crude-oil-production
Well, first, two months is two months … heck, this Ukraine war may be over in two weeks, though I imagine the Russia sanctions will be on for a while.
But on the larger question, you may be right. But I recall from when sanctions were reapplied that many of the more productive Iran wells were damaged by shutting them off rapidly. In other words, some increased production is likely in a few months but getting back to pre-sanctions may take much longer, if ever (due to lack of investment money).
All options are on the table too for Iran…! It can refuse to sell Oil & Gas to the West…!
US just made one more demand!
Ah ha! NOW we want to be buddies with Iran!