World powers negotiating with Iran over its nuclear program have conceded it will not come up with an agreement until Sunday, extending its July 20 deadline for another four months to settle the decade-long nuclear dispute.

In a joint statement on Friday, European Union foreign policy chief Catherine Ashton and Iranian Foreign Minister Mohammad Javad Zarif said, "significant gaps" remains blocking the talks and the negotiators from United States, France, Germany, Russia, and China will need more time. Ashton leads the world powers in the negotiation.

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It comes a day before the Sunday deadline imposed to resolve the disagreement, where world powers wanted Iran to reduce its nuclear program. They fear Ira will use the program for weapons of destruction.

Diplomats from world leaders now have until November 24 this year to settle the rift, but the negotiations on a long-term deal could start by September, Reuters reported, quoting diplomats involved in the talks.

But the extension is not a guarantee that a long-term agreement could be reached, considering the significant gaps diplomats pointed as hurdles to the long rounds of talks that begun in Vienna, Austria in February.

Among the key issues yet to be resolved is the scope of Iran's nuclear program world powers wanted to minimize. Negotiators have proposed that Iran's nuclear capacity be significantly trimmed down, but Iran objected, saying they need a program for electricity purposes.

Iran is operating a uranium enrichment program that it claims necessary and safe. However, negotiators saw otherwise and said it needed to ensure that Iran would be left with no capability to produce bombs using its nuclear facilities.

Iran is also reported to have an atomic bomb research in the past that members will discuss during the additional rounds of talks.

In exchange for the nuclear deal is the lifting of sanctions of the world that have crippled the oil-dependent economy of Iran. Some minor sanctions were lifted last year after Iran partially halted some of its nuclear activities as agreed by the parties in Geneva in November 2013.

World leaders will reconvene in the next coming weeks "with a clear determination to reach agreement" on a long-term basis, Ashton and Zarif said.

TagsEuropean Union foreign policy chief Catherine Ashton, Iranian Foreign Minister Mohammad Javad Zarif, Germany, Russia