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Iran nuclear talks extended to mid-2015 after deadline missed

http://www.chemnet.com   Nov 25,2014 Platts
Iran and world powers have extended a deadline to reach a key nuclear deal by seven months after failing to resolve "serious questions" about Iran's nuclear program in crunch talks Monday.

High-level talks aimed at securing a comprehensive deal on Iran's nuclear program were be extended to July 1, officials said, after it became apparent that a deadline for a deal at midnight Monday would be missed.

"We made real and substantial progress and we have seen new ideas surfaced," US Secretary of State John Kerry said Monday.

"And that is why we jointly, the P5+1, six nations, and Iran are extending these talks for seven months with a very specific goal of finishing the political agreement within four months," he said.
Kerry said the sides have agreed to go to work immediately and meet again "very shortly" to find a full solution.

He said all current restraints on Iran's nuclear program will remain in place as the world still has "serious questions" about the program.

"We need Iran to take concrete, verifiable steps to answer those questions. That is the bottom line," he said.

Iran and the five permanent members of the UN Security Council plus Germany will seek to strike an outline deal by March 1 and nail down a full technical accord by July 1, officials said Monday.

"There will be further meetings in December. Our target is to reach a headline agreement, an agreement on the substance, within the next three months or so," and all technical aspects by July 1, British Foreign Secretary Philip Hammond told reporters. OIL SANCTIONS IMPACT

Iran's oil production -- pegged at about 3.5 million b/d in late 2011 -- has fallen drastically as a consequence of EU and US sanctions directly targeting Tehran's oil revenues.

A final deal in nuclear talks between Iran and world powers was seen as a factor influencing the outcome of OPEC's meeting this week in Vienna. OPEC minsters are due to meet Thursday to decide whether to cut production in the hope of supporting falling oil prices.

A deal on the nuclear issue, however, was not expected to result in additional Iranian barrels flowing onto world markets straight away, but could play a significant role in whatever decision OPEC makes.

Kerry called on the US lawmakers to refrain from making comments that could be misinterpreted or exacerbate the impact of sanctions on Iran, but cautioned that much work still need to be done.

"These talks aren't going to suddenly getting easier just because we extended them. They are tough. They have been tough and they are going to stay tough," he said.

Citing sources close to the Iranian negotiation team, Iran's state official IRNA news agency also reported the decision to extend the talks.

"The foreign ministers of Iran and P5+1 decided to soon continue their talks in the coming weeks," a member of the Iranian negotiation team told IRNA. "Talks ... will continue and they can be finished even sooner [than July 1]."

A source close to the Iranian negotiation team said the two sides will examine the arrangements for the release of Iran's blocked assets under the so-called Joint Plan of Action, IRNA reported.

"The expectation is that there will be a rollover of the current arrangements for Iran to access around $700 million per month of frozen assets," Hammond told reporters.

The details of the schedule are being worked out, a member of the Iranian negotiation team said.
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