REUTERS
Oil prices took a dive in global trading on Tuesday as the deadline for a nuclear deal with Iran neared: benchmark WTI crude oil May futures dropped by 1.38% to $48.01 per barrel, while Brent crude for May delivery was down by 0.94% to $55.90 per barrel, Reuters reported.
On Tuesday night, Iranian Foreign Ministry Director General for Political Affairs Hamid Baeidinejad said that talks between the "six powers" and Iran on its nuclear program would continue throughout the night. The political part of a comprehensive agreement on the Iranian nuclear program, the conclusion of which the parties agreed at the end of 2013, was to have been negotiated by March24. Later the parties agreed to extend their talks.
The parties are making diplomatic efforts to find a political framework for future agreement on the Iranian nuclear program by the end of March.
According to experts, Iran has accumulated significant reserves of oil and can immediately increase exports if sanctions are lifted.
Iran could increase oil production by about 500,000 barrels per day in three to six months if sanctions are lifted, and by a further 700,000 barrels over the next year, experts predict.