This weekend the world witnessed what has been hailed as the most significant diplomatic breakthrough since the collapse of the Soviet Union: the lifting of nuclear sanctions against Iran. The lifting of sanctions, which came late Saturday, followed confirmation from the UN’s International Atomic Energy Agency that Tehran had fulfilled its obligations under an agreement last summer to limit its nuclear program. The IAEA report triggered Implementation Day, which will give Iran access to billions of petrodollars frozen in foreign banks and remove the constraints that have capped the country’s crude exports at just 1 million b/d over the past four years. Iran on Sunday activated plans to lift oil production by 500,000 b/d. Below Platts highlights details of the sanctions that have been lifted, Iran’s plans to raise oil production and exports, and what this means for an already oversupplied global oil market. Iran’s oil exports then and now (click to view larger) Sanctions lifted The European Council lifted its nuclear-related sanctions January 16. Sanctions lifted by the US include a ban on commodities trade for non-US citizens, who will now be permitted to trade with Iranian government institutions and sell goods and services. Companies from outside the US will be able to start doing business with Iran immediately, without sanction
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Source: CTRM Center