Energy News Beat Publishers Note (ENB): We have covered Iran’s oil production for a long time. They need cash, so they have been selling oil through “Spoofing and Doping” to get around the sanctions. With the new 25-year energy contract with China, they are emboldened to not need the U.S. at the negotiation table. This will impact oil supply and prices as China will be buying large amounts of oil outside the OPEC and OPEC + production quotas.
The United States is prepared to remove sanctions on Iran to resume compliance with the Iran nuclear deal, including those that are inconsistent with the 2015 pact, the U.S. State Department said on Wednesday, without providing details.
“We are prepared to take the steps necessary to return to compliance with the JCPOA, including by lifting sanctions that are inconsistent with the JCPOA. I am not in a position here to give you chapter and verse on what those might be,” State Department spokesman Ned Price told reporters. He was referring to the pact formally called the Joint Comprehensive Plan of Action (JCPOA).
Source: Reuters