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On a week where OPEC is on oil trader’s radar, there is also a focus on  Chinese imports of  Iranian  crude which has been displacing demand from other nations, in particular as disruptions in Russia, Libya and the US come to an end.

In this context, the timings of the US efforts to try and break the Iran nuclear deadlock with a new proposal for Tehran is interesting, especially as  Iranian elections loom.

Politico argues that ”if President Joe Biden is serious about rejoining the Iran nuclear deal, then the next few weeks could prove make-or-break as the politics in both Washington and Tehran appear poised to intensify.”

”Biden administration officials, mindful of the increasingly unfavorable calendar, plan to put forth a new proposal to jump-start the talks as soon as this week, two people familiar with the situation told POLITICO.”