Q A: What #39;s Next For Iran?
Senator Mark Kirk and Foreign Policy Initiative #39;s Christopher Griffin discuss what is next for Iran and the importance of the Menendez-Kirk sanctions legislation.
By: SenatorKirk
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Q&A: What's Next For Iran? - Video
#39;Intl law applied highly selectively when it comes to Iran #39;
Top US and Iranian diplomats have decided to stay in Vienna to continue tense negotiations on the nuclear issue until a consensus suitable to both states is reached. World powers are trying...
By: RT
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'Intl law applied highly selectively when it comes to Iran' - Video
ABU DHABI (CNNMoney)
Iran and world powers are meeting in Vienna this week in an attempt to reach agreement on reconfiguring its nuclear program before a November 24 deadline.
It's far from certain that a deal will be done, but businesses are eager to move quickly to tap the potential of Iran's energy resources and highly-educated population of 80 million.
Related: These countries are getting killed by cheap oil
When he was at Goldman Sachs, emerging market strategist and author Jim O'Neill had Iran on his list of "Next 11" countries -- those offering the best opportunities for sustainable growth.
Oil and gas reserves
Iran's energy sector has been starved of technological know how. A return to the fold could change all that, and the potential is enormous. "The Iranian gas production can explode," said Fereidun Fesharaki, chairman of FACTS Global Energy. "It can supply huge amounts of gas and that gas has not been developed."
Iran sits on 33 trillion cubic meters of natural gas, or 18% of global reserves, according to the 2014 BP (BP) World Energy Report. With its giant South Pars field, Iran ranks number one in the world ahead of Russia and Qatar.
There's plenty of oil too. Iran has the second largest proven reserves in the Middle East, behind only Saudi Arabia. At 157 billion barrels, those reserves account for more than 9% of the global total.
Playing catch up
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Iran nuclear deal could spur rapid growth
World powers are hoping to reach agreement over Iran's nuclear program on Monday -- in spite of analysts and officials involved in negotiations voicing their pessimism that an agreement can be found by then.
Talks between Tehran and the so-called P5+1 group, which comprises the five permanent members of the UN Security Council (China, Russia, France, the U.K. and the U.S.) plus Germany are ongoing in Vienna.
The countries aim to have assurances from Iran that it will not enrich uranium in order to create a nuclear bomb, in return for the relaxation of international sanctions, an accusation Iran denies.
Just days before the deadline, however, little progress appears to have been made. Iran's foreign minister Mohammad Javad Zarif said on Tuesday that "excessive demands" by the West could mean there is no deal at the end of long-running talks.
The deadline could be extended from Monday until March because of sharp disagreements between Tehran and world powers, officials close to the talks said on Thursday, according to a Reuters report.
Although both Iran and the West are keen to strike a deal, Firas Abi Ali, senior manager of Middle East and North Africa Country Risk at IHS told CNBC that there wouldn't be a deal at any cost.
Read MoreIran's economy moving from bad to less bad
"There's political will on both sides not to make these talks into a failure," Abi Ali told CNBC Thursday, "[Iranian President] Hassan Rouhani has staked a lot on his ability to stimulate the economy and open up investment to the West so he's not keen to let these talks fail completely. Similarly with President Obama there are expectations on him not to failbut that doesn't mean the West will accept a bad deal."
"I think there will be some very carefully worded diplomatic language from both sides to make it not look like talks have failed anyway."
Talks with Iran have been intermittent since January. As the deadline approaches, significant differences remain between the parties over Iran's uranium enrichment allowance and how fast and in what order --sanctions by the West would be lifted.
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Iran nuclear talks set to hit hurdles
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