A month after Iran’s milestone nuclear deal with the P5+1 countries, the fine print is being scrutinised by hardliners in Iran and the deal will eventually be prepared for implementation by President Rouhani’s government. India, poised to revitalise bilateral trade, will be among many countries that can now benefit from robust business ties with the Persian Gulf country.
A possible Iran nuclear deal means a longer window of lower oil prices. But the glut of oil supplies is already resulting in cutbacks to oil exploration and production spending, and will eventually lead to higher energy prices. Before that happens, India must use this opportunity to lock in prices
Talks are on in Vienna between Iran and the P5+1 to reach a settlement on Iran’s nuclear programme. The self-imposed deadline expires on July 20. However, with the U.S. insisting that Iran cut back on operational centrifuges any possibility of a comprehensive solution in the near future seems remote