Iran uses nuclear deal to push oil sales to Europe; Oil minister insists world ‘needs’ Iranian energy

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Iran has tried to get Europe and the United States to back a nuclear deal, which would provide a financial windfall for the country’s weakened economy with promises of oil despite experts warning it would take years to that the benefits materialize.

“Recent Iranian statements reveal an attempt to tempt Europe with Iranian energy exports in the face of Putin’s energy policy,” Behnam Ben Taleblu, senior fellow and Iran expert at the Foundation for Defense of Democracies, told AFP. Fox News Digital.

“The Islamic Republic is trying to present itself as a potential savior from Europe’s energy problems, whatever the facts of the case.”

Iranian Oil Minister Javad Owji said the country was ready to supply oil and gas to the world market to help “improve energy security around the world”, Iran’s Tasnim news agency reported.

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A gas flare on an oil production platform alongside an Iranian flag in the Gulf on July 25, 2005.
(Reuters/Raheb Homavandi/File photo)

“From a technical and practical point of view, the Joint Technical Committee of OPEC+ in its base scenario has predicted that the excess supply over global oil demand in 2022 will be 400,000 barrels per day, or about 600,000 barrels per day lower than the previous month’s forecast,” Owji said during a meeting on Monday.

“The current situation requires careful consideration,” he said, adding that “the global energy market must increase the supply of oil and natural gas to Iran.”

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Iran’s state-backed Mehr news agency has proclaimed that ‘winter is coming’ for European nations as Russia continues to exploit its energy supplies in retaliation for economic sanctions imposed following the invasion of Ukraine.

The Russian-controlled gas company Gazprom announced last week that it shut down its Nord Stream 1 pipeline due to “oil spills”, which will cause gas prices to skyrocket in Europe. It will also give Iran an opening to try to change the momentum of talks about a nuclear deal. Owji noted that some gas companies charge $70 per million BTUs, or about $400 per barrel.

Venezuelan President Nicolas Maduro, right, meets with Iranian Oil Minister Javad Owji in Tehran, Iran, June 13, 2022.

Venezuelan President Nicolas Maduro, right, meets with Iranian Oil Minister Javad Owji in Tehran, Iran, June 13, 2022.
(Reuters)

“Although Europeans are trying to compensate for the lack of energy and reduce the severity of the crisis through certain decisions in the field of energy policies, the stable and reliable supply of energy sources, in particular oil and gas , especially as the autumn and winter seasons approach, is a necessity for European consumers,” said the Iranian Minister of Petroleum.

Talks between the United States and Iran to revive the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal, stalled this week as the US Secretary of State Antony Blinken claimed that Iran’s latest responses had set the talks back and that the United States had refused. to “accept an agreement that does not meet our substantive requirements”.

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The deal would provide Iran with immediate funds that could help ease the economic hardship suffered by sanctions over the past few years as part of former President Donald Trump’s “maximum pressure” campaign after his withdrawal from the original Iranian nuclear deal.

Any attempt to use Iranian oil to alleviate the current energy difficulties would be a bit of an illusion since Tehran has been hoarding supplies but not investing in infrastructure at all.

The receiving station of the Nord Stream 1 gas pipeline stands on July 11, 2022, near Lubmin, Germany.

The receiving station of the Nord Stream 1 gas pipeline stands on July 11, 2022, near Lubmin, Germany.
(Sean Gallup/Getty Images)

“While Iran has pumped and stored oil under sanctions, it conversely has no infrastructure to transport its natural gas to Europe, which currently does not go beyond the Caucasus and Anatolia,” explained Taleblu. “More concerning is the Biden administration’s growing interest in the JCPOA as a potential oil deal rather than a counterproliferation deal.

“Viewing this impending bid as a way to keep oil prices down is a slap in the face to Americans and American foreign policy, not a solution to high oil prices.”

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The World Bank said Iran has continued to recover gradually this year, helped by rising oil and tax revenues, with growth expected to “remain modest over the medium term”.

Mary I. Bruner