The mood music surrounding the ongoing multilateral talks in Vienna over reviving the Iran nuclear deal is increasingly positive. Participants to the discussions appear confident that a deal is achievable, although whether it could then be finalized before Iran’s 18 June presidential elections is another matter.

Still, current indications are that it is just a matter of time before a deal is reached to bring the US back into the Joint Comprehensive Plan of Action (JCPOA), enabling the lifting of sanctions on Iranian oil exports. Earlier this month, Iran’s Vice President Eshaq Jahanigiri said “we can increase oil exports to 2.5mn b/d after the sanctions are lifted,” bringing Iran close to its pre-sanctions peak (MEES, 7 May). That would represent a more-than-1.5mn b/d increase from current levels, a feat which may take until 2022 to complete. (CONTINUED - 741 WORDS)