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Iran nuclear talks end with final text

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Talks in Vienna with Iran to reinstate a nuclear deal have ended with European officials submitting a final draft agreement for consideration by the US and Iranian leaders.

The original deal with Iran was signed by China, the US, Germany, France, the UK and Russia, but it became unworkable when former President Trump pulled the US out of the agreement in 2018. While Iran says that its beliefs and policies are not consistent with developing nuclear weapons, its nuclear activities are thought to have accelerated since the deal fell apart.

Reviving the deal will likely open the door for Iran to export more crude oil. This could be helpful to the global market, because despite efforts by some US shale producers like ExxonMobil, the maker of Mobil lubricant products, to increase production, the balance between supply and demand remain precarious. It is believed Iran could boost its crude oil exports by over a million barrels per day in the event of a deal.

Speaking anonymously, a European official said to reporters:

“We worked for four days and today the text is on the table. The negotiation is finished, it’s the final text…and it will not be renegotiated.”

It is now up to Supreme Leader Ayatollah Ali Khamenei and US President Joe Biden to consider the draft, and if they find it acceptable, sign it within the next few weeks before the deadline for the negotiations expires.

Some officials participating in the talks, however, have indicated that some prominent issues remain unresolved.

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