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Opinion
Julian Lee

Iran’s Return Would Fill a Russia-Shaped Hole in Oil Supplies

If a deal is reached to restore the 2015 nuclear accord, Iranian crude could save a market that’s about to lose even more Russian barrels.

Coming soon to a port near you?

Coming soon to a port near you?

Photographer: Ali Mohammadi/Bloomberg

The return of Iranian crude remains uncertain, but if a deal is reached to restore the 2015 nuclear accord, the Persian Gulf nation’s production could rise quickly and exports will surge even sooner.

Lengthy negotiations over the restoration of the Joint Comprehensive Plan of Action (or JCPOA, as the deal between Iran, the five permanent members of the United Nations Security Council, Germany and the European Union is known) seem to be approaching their end. The US is examining the Iranian response to a “final” accord tabled by EU. The reply from Tehran has been described as constructive.