{"id":25543,"date":"2022-03-19T11:17:00","date_gmt":"2022-03-19T15:17:00","guid":{"rendered":"http:\/\/irishexaminerusa.com\/wp\/?p=25543"},"modified":"2022-03-20T11:19:55","modified_gmt":"2022-03-20T15:19:55","slug":"coveney-new-iran-deal-could-ease-pressure-on-oil-prices","status":"publish","type":"post","link":"https:\/\/irishexaminerusa.com\/wp\/?p=25543","title":{"rendered":"Coveney: New Iran Deal Could Ease Pressure On Oil Prices"},"content":{"rendered":"\n
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Coveney, who is playing a significant role in trying to save the Joint Comprehensive Plan of Action (JCPOA) agreement, said he hoped progress could be made within days (PA)<\/em><\/figcaption><\/figure>\n\n\n\n

A revival of Iran\u2019s nuclear deal could help ease global oil prices by bringing a major producer back into the market, the Minister for Foreign Affairs has said.<\/p>\n\n\n\n

Simon Coveney, who is playing a significant role in trying to save the Joint Comprehensive Plan of Action (JCPOA) agreement, said he hoped progress could be made within days.<\/p>\n\n\n\n

The deal, which eases sanctions on Iran in exchange for Tehran giving up ambitions to build a nuclear weapon, has faltered since then US president Donald Trump pulled out in 2018.<\/p>\n\n\n\n

Russia is one of the signatories to the JCPOA deal and the invasion of Ukraine has complicated efforts to save the deal because of the sanctions imposed on Vladimir Putin\u2019s country.<\/p>\n\n\n\n

The JCPOA was agreed in 2015 by Iran, the five permanent members of the UN Security Council \u2013 the UK, US, France, China and Russia \u2013 and Germany.<\/p>\n\n\n\n

Mr Coveney\u2019s involvement stems from his role as the UN Security Council\u2019s facilitator for the deal.<\/p>\n\n\n\n

The US, UK and European Union are seeking to break away from Russian oil and gas, and Mr Coveney said: \u201cCertainly having a big new player in the market, if you like, Iranian crude oil coming back into the market with the removal of sanctions, would be a very attractive prospect in terms of reducing pressure on oil prices, because of sanctions on Russia, which are likely, I think, to remain for quite some time.\u201d<\/p>\n\n\n\n

He said: \u201cI think that is an added incentive to try to get a deal done now.\u201d<\/p>\n\n\n\n

Following Joe Biden\u2019s election as president in the US, efforts have stepped up to salvage the agreement, with 11 months of on-and-off talks in Vienna appearing to be on the cusp of a breakthrough.<\/p>\n\n\n\n

Mr Coveney told BBC Radio 4\u2019s Today: \u201cWhat certainly has been a problem for the last 10 days or so is that the sanctions that now apply to Russia \u2013 because of their illegal war in Ukraine and the brutality that we\u2019re seeing and the potential war crimes on a daily basis that we\u2019re seeing \u2013 meant that Russia was concerned that they would not be able to benefit from the removal of sanctions on Iran as a result of signing off on a deal.<\/p>\n\n\n\n

\u201cAnd that has caused tension and delay. But that seems to have been resolved in the last few days\u201d.<\/p>\n\n\n\n

Mr Coveney said \u201cwe look as if we\u2019re almost there\u201d and \u201cthat\u2019s a good news story when the world needs one\u201d.<\/p>\n

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