The deadline for a deal between Iran and the West has been extended to the end of June after talks in Vienna failed to reach an agreement.
Six Wesern powers met with the Iranian leader earlier this week to assess if Iran has complied with a previously reached interim deal’s requirements – reducing its enrichment of uranium in exchange for mitigating or lifting sanctions on its oil exports.Â
According to a UN agency report, quoted by Reuters, Iran has taken the necessary steps to continue to comply with the interim greement.
However, no new agreement was reached on the extent to which sanctions against the Islamic Republic would be lifted, if conditions are fully met.
The six Western countries and Iran will reconvene in December to make further decisions.Â
After sanctions were imposed on Iran, its oil exports fell to 700,000 barrels per day (bpd) by May 2013, compared with an average 2.2mn bpd in 2011.
The BBC reported that Iran is believed to have suffered a loss of about $26bn in oil revenue in 2012 from a total of $95bn in 2011.
Iranian leader Hassan Rouhani said most gaps had “narrowed” during the talks.
