(Bloomberg) -- Here is a snapshot of what’s happening with Iran, its nuclear talks and energy markets.
Iran and world powers are set to restart nuclear talks in Vienna on Monday after a five-month hiatus that put the diplomatic process in jeopardy.
Iran’s chief nuclear negotiator said the talks must secure full, guaranteed and verifiable sanctions removal. But U.S. officials have played down expectations of progress toward reviving the 2015 accord that would allow Iran to return to global oil markets in exchange for curbs on its nuclear program.
This seventh round is the first big test for the administration of President Ebrahim Raisi. Diplomacy had stalled as the new hardline government took power in Iran following elections in June and its atomic work gathered pace.
Tehran said on Saturday it wants to pump more oil than it did before the U.S. tightened sanctions in 2018, when then-President Donald Trump withdrew from the original agreement.
“Plans are in place to increase oil output to more than 5 million barrels a day,” said Mohsen Khojastehmehr, managing director of the National Iranian Oil Co., without providing details or a time frame. Iran’s daily production capacity is set to reach 4 million barrels by March, the end of the present Iranian calendar year, he said.
- Iran Wants Verifiable Sanctions Removal, Envoy Says Before Talks
- Iran Seeks to Return Oil Output to Pre-Trump Sanction Levels
- U.S.-Iran Nuclear Talks Restart Amid Pessimism: Analysts’ Voices
- China Asserts Nuclear Influence Before Key Iran Deal Talks
- Nuclear Inspectors Signal Mounting Alarm Over Iran Access
Oil rebounded from Friday’s rout as traders assessed the risks to global demand from the Covid-19 new variant, and speculation mounted that OPEC+ may decide this week to pause output increases. Crude had crashed more than 11% on Friday as the new omicron virus strain sparked fears that renewed lockdowns would hurt global demand.
The threat from the new variant will be weighed up this week by the Organization of Petroleum Exporting Countries and its allies. The group -- which had been set to add 400,000 barrels a day -- is increasingly inclined to ditch that plan, delegates said.
- Today: Nuclear talks restart in Vienna
- Dec 2: OPEC+ meeting
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