Iran has access to the world’s fourth largest oil reserves, and the second biggest deposits. Both of these resources are ready for exploration and use. In 2012, the country’s exports were halved due to U.S. and EU having imposed sanctions. If an agreement is made and the sanctions are dropped, Iran may become the number one energy player in the Middle East. The nuclear agreement is expected to be made by the June 30 deadline.
When sanctions are dropped, the country’s intentions would be to use foreign companies to increase exports and access regional markets. They hope to present attractive models of the new agreements which will express the realities of the global energy market, and bring in more foreign investment as a result. The two sticking points that determine nuclear talks depend on the United Nations sanctions, and Iran’s future plans to buy atomic technology.
These negotiations are expected to come to an end by June 30. If a deal is made on this day, then Iran very well could become the number one Energy Player in the Middle East.
By Elina Brik