Iran says uranium enrichment 'not up for negotiation'

Market: Crude oil
16/04/25

Iran's foreign minister Abbas Araqchi said uranium enrichment is non-negotiable after US special envoy to the Middle East Steve Witkoff suggested any new nuclear deal would require a halt.

"We are open to acknowledging and answering concerns [about our nuclear programme] in order to help build trust," Araqchi told reporters in Tehran. "But the core issue of Iran enriching uranium is not up for negotiation."

Araqchi was responding to questions about a social media post made by Witkoff on 15 April in which he suggested that any new nuclear deal would require Iran to "stop and eliminate" its enrichment of uranium. In a television interview the day before, Witkoff indicated that Washington just wanted Iran to abide by the 3.67pc enrichment threshold that was agreed in the previous nuclear deal that US president Donald Trump pulled out of in 2018.

Witkoff's apparent shift in stance was echoed by White House press secretary Karoline Leavitt on 15 April, who said: "The president does not want to see Iran have a nuclear programme. He does not want Iran to obtain a nuclear weapon."

Araqchi, who is leading the Iranian delegation in the talks, said such "contradictory" comments by US officials are "not helpful".

Aracqhi and Witkoff are due to meet on 19 April for a second round of talks, which were initially scheduled to be held in Oman but and now due to take place in Rome, according to Iran's state broadcaster IRIB.

Both Tehran and Washington described the first round of talks in Oman on 12 April as "positive and constructive."

By Nader Itayim

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03/05/25

Opec+ eight agree accelerated hike for June: Update

London, 3 May (Argus) — A core group of eight Opec+ members has agreed to accelerate, for a second consecutive month, their plan to unwind some of their production cuts, the Opec secretariat said Saturday. As it did for May, the group will again raise its collective output target by 411,000 b/d in June, three times as much as it had planned in its original roadmap to gradually unwind 2.2mn b/d of crude production cuts by the middle of next year. The original plan envisaged a slow and steady unwind over 18 months from April, with monthly increments of about 137,000 b/d. But today's decision means that the eight — Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Oman and Kazakhstan — will have unwound almost half of the 2.2mn b/d cut in the space of just three months. The decision to maintain this accelerated pace into June is somewhat surprising, given the weakness in oil prices and the outlook for the global economy. The eight's decision last month to deliver a three-in-one hike in May was seen as a key reason for the recent slide in oil prices, alongside US President Donald Trump's tariff policies. Front month Ice Brent futures have fallen by about $13/bl since early April to stand at just over $61/bl. But the eight today pointed to "current healthy market fundamentals, as reflected in the low oil inventories" as a key factor in its latest decision. It reiterated, as it has in the past, that the gradual monthly increases "may be paused or reversed subject to evolving market conditions." As was the case for May, delegates said that the main driver for the June hike was again a desire to send a message to those countries that have persistently breached their production targets since the start of last year — most notably Kazakhstan and Iraq, which each have significant overproduction to compensate for through the middle of next year. "This measure will provide an opportunity for the participating countries to accelerate their compensation," the secretariat said. This group of eight is due to next meet on 1 June to review market conditions and decide on July production levels. By Nader Itayim, Aydin Calik and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Opec+ eight to agree another accelerated hike for June

03/05/25

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03/05/25

Opec+ eight to agree another accelerated hike for June

London, 3 May (Argus) — A core group of eight Opec+ members look set to today to accelerate, for a second consecutive month, their plan to unwind some of their production cuts, four delegates told Argus . As it did for May, the group would again raise its collective output target by 411,000 b/d in June, three times as much as it had planned in its original roadmap to gradually unwind 2.2mn b/d of crude production cuts by the middle of next year. The original plan envisaged a slow and steady unwind over 18 months from April, with monthly increments of about 137,000 b/d. But today's decision would mean that the eight — Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Oman and Kazakhstan — will have unwound almost half of the 2.2mn b/d cut in the space of just three months. The decision to maintain this accelerated pace into June would be somewhat surprising, particularly given the weakness in oil prices and the outlook for the global economy. The eight's decision last month to deliver a three-in-one hike in May was seen as a key reason for the recent slide in oil prices, alongside US President Donald Trump's tariff policies. Front month Ice Brent futures have fallen by about $13/bl since early April to stand at just over $61/bl. While Opec+ has said that it is acting to support an expected rise in summer demand, the decision to speed up the output increases once again appears to be driven by a desire to send a message to countries that have persistently breached their production targets — most notably Kazakhstan and Iraq. By Aydin Calik, Bachar Halabi and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Eight Opec+ members weigh further acceleration

02/05/25

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02/05/25

Eight Opec+ members weigh further acceleration

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02/05/25

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02/05/25

Chevron has not discussed Kazakhstan Opec+ target: CEO

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