Iran and six major powers to reach historic Nuclear Deal

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Iran and six major powers to reach historic Nuclear DealIran and six major powers have reached a historic nuclear deal, which will grant Tehran sanctions relief in exchange for curbs on its nuclear programme, an Iranian diplomat said today.

A spokeswoman for the European Union said that the foreign ministers of Iran and six major powers will meet for nuclear talks at 0830 GMT at the United Nations centre in Vienna to be followed by a news conference.
Oil prices tumbled more than a dollar today as Iran and six global powers reached a nuclear deal that could see an easing of sanctions against Tehran and a gradual increase in its oil exports just as Asian economies showed further signs of weakness.

Front-month Brent crude futures dropped over 2 per cent and more than a dollar to $56.66 a barrel by 0637 GMT US crude was trading down $1.21 at $50.99 per barrel.

“Sanctions have crippled Iran’s oil production, halving oil exports and severely limiting new development projects. The prospect of them being lifted is creating great excitement … as foreign trade and investment will allow Iran to make huge efficiencies and drive down the cost of production,” said Sarosh Zaiwalla, a London-based sanctions lawyer.

“The Iranian deal is unlikely to bring back large volumes of oil yet, given the removal of upstream sanctions is complex and significant investment is needed for raising output,” Energy Aspects said today.