22.06.202113:14 Forex Analysis & Reviews: Unsuccessful nuclear talks kept oil at $ 73

Oil remained at $ 73 after reports said negotiations on the controversial nuclear deal were unsuccessful. Apparently, key issues remained unresolved at the sixth round of meetings, not to mention this is the third time that negotiators have voluntarily missed the deadline for renewing the agreement since the start of negotiations in April. The re-establishment of the nuclear deal was supposed to weaken, if not remove US sanctions on Iran.

President-elect Ebrahim Raisi, who himself is subject to sanctions, has demanded that sanctions in Iran be lifted. But according to consultants in SVB Energy International, the election of a conservative cleric is likely to postpone such a move.

This failure to sign an agreement puts additional pressure on other members of OPEC, which will meet next week to consider restoring oil production.

This year, oil has risen by almost 50%, thanks to growing demand in United States, Europe and parts of Asia. Consumption in China has also exceeded pre-pandemic levels, and India's is gradually recovering.

According to Bank of America, oil prices could rise to $ 100 in 2022, when tourist demand recovers.

They project global consumption to further exceed supply in 2022 amid recovery from the coronavirus pandemic. This is because fuel consumption will increase by then, as will investment and production.

But these optimistic forecasts, as mentioned above, are putting pressure on OPEC, which will meet next week to consider the possibility of resuming production.

According to Bank of America, short-term projections on oil are bright, and they will not be affected by telecommuting because it can still involve car use, especially when doing personal errands.