The Iranian flag in front of the International Atomic Energy Agency headquarters in Vienna, Austria. Picture: REUTERS/LEONHARD FOEGER
While the ultimate aim is still to resurrect the deal and so have sanctions lifted, the Iranian officials said soaring oil prices had opened a window of opportunity for Iran by increasing revenues, giving the economy months of breathing space. Iran’s finances came under intense pressure in 2018 when then-US president Donald Trump ditched the nuclear pact between Iran and world powers — approved by his predecessor Barack Obama — and reimposed sanctions that sharply cut the oil revenues that fund a sprawling Iranian state apparatus.
Global crude prices remain high, however, with Brent crude reaching $139 a barrel in March, its highest since 2008 after Russia’s invasion of Ukraine worsened supply concerns. “And the increase in oil prices and an increase in [Iran’s] oil production are constituting an additional, I would say, increase in revenues,” Azour said.
Ultimately, they prefer an end to sanctions, fearing a return of unrest among lower-income Iranians whose periodic protests in recent years have reminded leaders how vulnerable they can be to grassroots anger over economic hardship.
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