On Wednesday, Iranian Deputy Foreign Minister Bagheri announced that Iran would resume nuclear talks on November 29th.

According to a statement issued by the European Union external Action Agency on the same day, the Joint Committee on the Comprehensive Agreement on the Iranian Nuclear issue will hold an entity meeting in Vienna on November 29, which will be chaired by European Union external Action Agency Deputy Secretary General Mora. Representatives of China, France, Germany, Russia and Britain will attend the meeting with Iran. Delegates will continue to discuss ways for the United States to return to the Iran nuclear agreement and how to ensure that all parties fully and effectively implement the agreement.

In this regard, Iran's top nuclear negotiator and Deputy Foreign Minister Bagheri said:

"in a phone call with Mora, we said that Iran agreed to participate in negotiations aimed at lifting illegal and inhumane sanctions in Vienna on November 29."

In July 2015, Iran reached an Iran nuclear agreement with the United States, Britain, France, Russia, China and Germany. In May 2018, the US government led by Trump unilaterally withdrew from the Iran nuclear deal, followed by a series of new sanctions. When the current U.S. administration under Biden intends to return to the Iran nuclear deal, Iranian officials claim that sanctions must first be lifted and that future U.S. governments can comply.

In addition, the United Nations atomic energy watchdog IAEA said last month that Tehran would have enough materials to build nuclear weapons "within a few months." In response, Iran responded that its nuclear program is for civilian purposes and has no military intention.

Crude oil supply is expected to increase

If the Iranian nuclear talks go smoothly, the supply of crude oil on the international market may be greatly increased.

Iran's crude oil exports fell sharply from 2.5 million barrels a day after Trump withdrew from the Iran nuclear deal and imposed sanctions.

On the supply side, Iran has said it can restore oil production to pre-sanctions levels within months, supply crude to economies that are in the process of recovery, and avoid fuel shortages in Europe.

Oil demand surges in winter

After the epidemic is relatively stable and the global economy recovers further, the demand for crude oil and oil products is rising steadily. However, with the advent of the cold winter of 2021, natural gas and thermal coal in Europe and the United States have set new record highs. Due to the general shortage of natural gas and coal, the power industry has been forced to turn to oil, and the demand for oil has risen sharply in winter.

Goldman Sachs pointed out that oil demand will soon return to pre-epidemic levels of 100 million barrels per day.

Most people estimate that oil demand will not peak until the end of the century at the earliest. But some analysts expect oil demand to peak in the late 1920s.

However, in early 2020, most analysts expected that world oil demand would never return to pre-epidemic levels, but the reality is the opposite, and it will only take a few months for the current demand distance to reach and exceed these levels.

Today, the oil price high pullback, as of press release, Brent crude oil fell 3.94% dint WTI crude oil fell 0.74%.