Iran to need time to restore its position at oil market, claims IEA

It is too early to evaluate influence of the agreement on Iran’s nuclear program achieved in Geneva on the oil market. However, even if the sanctions are lifted, Iran could hardly be able to restore its position at the world energy market very quickly, said Maria van der Hoven, Executive Director of the International Energy Agency (IEA), at the press conference.

“The agreement was adopted for the period of six months and it is too early to make any forecasts. But if the sanctions are lifted, Iran will hardly be able to return to the position it occupied before the sanctions within  a short period of time,” said IEA representative.

Russian Minister of Energy Alexander Novak said at a press conference that it is hard to speak now about any concrete figures, but he is sure that the results of the talks will affect the oil production in the country.

On November 24, 2013 Iran and Foreign Ministers of the “Six” (Russia, US, China, UK, France and Germany) reached an agreement in Geneva, according to which Iran has committed itself to deplete uranium from 20% to 5% and also provide access to the international experts to for checkups in exchange for mitigation of the economic sanctions against the country.—0---