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Sputnik International
Posted on December 24, 2020.
President-elect Joe Biden wants to rejoin the Iran nuclear accord, a deal that would limit Tehran’s nuclear program.
Biden hopes to reach a broad and long-lasting agreement.
The murder of Iranian nuclear scientist Mohsen Fakhrizadeh has damaged the diplomatic process.
The Nov. 27 murder of nuclear scientist Mohsen Fakhrizadeh, assumed to be the main architect of Iran’s nuclear program after the 1979 revolution, has angered Tehran. A mere days afterward, the Iranian parliament passed a new law allowing the country to stop United Nations inspections of its nuclear sites and to speed up uranium enrichment. Iran has stated that, should the current crippling economic sanctions not be lifted within two months, the provisions of the new law will go into effect. Yet, despite this, official news from government representatives show that the existing expectations for negotiations with the United States remain unchanged.
Oil prices, now at a six-month high, are poised to remain buoyant as countries begin to distribute Covid-19 vaccines.
However, optimism for a quick recovery in the sector is tempered by a focus on incorporating green energy sources.
But the industry has been reshaped as countries around the world recalibrate their energy mix to incorporate green energy sources.
The twin forces of the pandemic and a rebalanced energy mix will continue to affect the course of the industry next year.
The pandemic “created the largest oil and gas demand shock in history, but its repercussions are likely to extend through a future supply shock as oil and gas companies curtail their spending on upstream operations”, the International Energy Forum said in a report last week.