Iran Says Nuclear Deal Is Absolutely Not Renegotiable

Valiollah Nanvakenari, a member of the national security and foreign policy committee at Iran’s Parliament, said that the Iranian nuclear deal that Tehran and the world powers signed three years ago and that led to the lifting of restrictions on Iran’s crude oil exports is “absolutely not renegotiable.” He referred to the U.S. demand for renegotiating the Iran nuclear deal and emphasized that such moves are unprecedented.

Nanvakenari called upon all parties in the nuclear deal to stay committed to the agreement instead of trying to renegotiate it, Islamic Republic News Agency (IRNA) reports. According to him, the UN Security Council and the International Atomic Energy Agency (IAEA) confirmed Iran’s compliance with its obligations.

The nuclear deal, whose technical name is Joint Comprehensive Plan of Action (JCPOA), lifted some of the international sanctions on Iran, including those on its crude oil exports to the global market. The deal was signed by Tehran and the U.S., the UK, Russia, France, China, and Germany.

U.S. President Donald Trump must waive sanctions on Iran every three months as per authority given to the U.S. President by U.S. law. Trump recently waived the application of nuclear sanctions, but warned that this could be the last such waiver, Oil Price reminds.

“Today, I am waiving the application of certain nuclear sanctions, but only in order to secure our European allies’ agreement to fix the terrible flaws of the Iran nuclear deal. This is the last chance. In the absence of such an agreement, the United States will not again waive sanctions in order to stay in the Iran nuclear deal. And if at any time I judge that such an agreement is not within reach, I will withdraw from the deal immediately,” Trump said.

The tensions between Iran and the U.S., as well as the possibility of more sanctions on Iran, were some of the primary geopolitical concerns that returned to influence a tighter oil market and push oil prices up.