Ambrose Evans-Pritchard writes: The Iranian nuclear deal is on. Hassan Rouhani’s charm offensive in Davos has been a tour de force, the moment of rehabilitation for the Islamic Republic. His words were emollient.

“The world hasn’t seen a speech like that from an Iranian leader since the Revolution,” tweeted Ian Bremmer from the Eurasia Group.

Anybody betting on oil futures in the belief that Iran’s nuclear deal with great powers is a negotiating ploy – to gain time – should be careful. There is a very high likelihood that the sanctions against Iran will be lifted in stages, leading to an extra 1.2 barrels a day on the global market just as Libya, Iraq, and the US all crank up output.

“One of the theoretical and practical pillars of my government is constructive engagement with the world. Without international engagement, objectives such as growth, creativity and quality are unattainable,” said Rouhani.

“I strongly and clearly state that nuclear weapons have no place in our security strategy,” he said.

Behind closed doors in Davos, the Iranian leaders made a sweet sales pitch to oil executives. BP said it is eyeing the “potential”. Chevron and ConocoPhillips have been approached, assured by Iran’s leader that there are “no limitations for U.S. companies.” Total’s Christophe de Margerie hopes to restart work at the South Pars field. [Continue reading…]