Bloomberg: A sort of informal oil arrangement has been established between Iran and the US.
The Bloomberg news site reported on US-Iran relations, stating that several months of secret diplomacy between the Iranian and US governments seem to have led to progress in prisoner exchanges in return for the release of frozen assets and possibly the Iranian side’s decision to slow down enrichment.
At the same time, the conditions of the global oil market have also created a kind of informal bilateral oil arrangement between the two parties.
The report mentions that American officials have privately admitted to gradually easing oil sanctions on Iran, resulting in Iran’s oil sales reaching the highest level since the sanctions were reinstated five years ago, with the largest amount of oil being sold to China.
The motivation for American officials has been that the influx of oil into the global market would lead to a decrease in its price. According to the report, the oil benchmark price fell below $85 this week, providing reassurance to consumers and central banks in Western countries, while Joe Biden hopes that keeping oil prices low will aid in his re-election next year.
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