- The Biden administration is reviewing Iran's response to the EU proposal aimed at reviving the 2015 nuclear agreement, with officials on both sides hinting that a deal might materialize now after more than a year of false starts (Bloomberg)
- State Department spokesman Ned Price stated on Tuesday that the major issues have been "largely settled" and that it was close to what the U.S. was looking for
- A deal to revive a nuclear agreement between Iran, the EU, and the U.S. is not expected to be reached anytime soon, according to Goldman Sachs
- "Our view continues to be that a deal is still unlikely in the short term, with a stalemate mutually beneficial," said analysts in an Aug. 16 note to clients
- They added that even if a pact were to be agreed upon, additional oil wouldn't flow until at least the beginning of 2023, which would probably lead to a "phased implementation"
- OPEC's Secretary General Haitham Al Ghais warned of high risks of a supply crunch through 2022 due to rising global demand and reduced spare capacity
- China will continue to be a "source of phenomenal growth," said Ghais, who also noted that "we are running on thin ice" and that spare capacity is becoming scarce
- The remarks came after OPEC increased their monthly quota by 100 MBbl/d and cautioned their rationed hike resulted from "severely limited" reserves of output
- State Department spokesman Ned Price stated on Tuesday that the major issues have been "largely settled" and that it was close to what the U.S. was looking for