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2019-09-05 14:40:00

IRAN'S NUCLEAR WILL UP

IRAN'S NUCLEAR WILL UP

PLATTS - Iran will further reduce its nuclear commitments unless an agreement is reached by September 7 with Europe over the purchasing of Iranian oil, a top Iranian negotiator told the state-owned news channel IRNA Wednesday.

"From our point of view, the full implementation of the Joint Comprehensive Plan of Action depends on receiving $15 billion for a four-month period," Abbas Araghchi said. "Otherwise, the path of reducing Iran's commitments will continue."

The US withdrew from the JCPOA in autumn 2018 and in May it tightened sanctions on Iran, ending import waivers fortop Iranian buyers of crude. The UK, France, China, Russia and Germany remain in the deal but banks or companies dealing with Iran would have sanctions imposed on them by the US. Iranian President Hassan Rouhani said Europe has another two-month opportunity to negotiate with Iran and reach an agreement.

Araghchi said a credit line would be around $15 billion for four months and would need to be received by the end of the year. Iran has also requested that Iranian ships are free and secure in all waterways, and that it is prepared todiscuss shipping security in the Persian Gulf and Strait of Hormuz.

"After receiving $15 billion, the Islamic republic will be ready to talk with the 4+1 group [China, France, Germany, Russia and the UK]. But the reality is that there are still serious differences of opinion between the two sides about the agenda of these talks," Araghchi said.

There is no meeting between Rouhani and US President Donald Trump scheduled during a UN assembly that will take place later this month, and Araghchi said there were no grounds for a US presence during the talks between Iran and the five other countries.

The US has said it intend to bring Iran's oil exports down to zero. In July Iranian crude and condensates exports totaled around 450,000 b/d, which was less than half of the May export figure of 910,000 b/d, according to S&P Global Platts trade flow software cFlow.

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