Vienna deal brings Iran’s oil back to market
The clinching of the Iran nuclear deal in Vienna paves the way for the Islamic Republic’s re-emergence into the global oil market – if it gets past its opponents
The deal itself freezes Iran’s nuclear activity for 10 years, in exchange for a gradual unwinding of sanctions. This involves an intrusive inspection regime that the deal’s many critics – from Israel through to the Arab Gulf states and President Obama’s Republican opponents – believe will ultimately fail to halt Iran’s clandestine nuclear programme in its tracks. Tehran stands to gain access to a bounty worth tens of billions of dollars in frozen bank accounts, as well as a flood of foreign investment as international oil companies in particular target a large, wealthy and untapped economy. That is alongside the benefits accrued from lifting the sanctions targeted at Iran’s crude exports
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