A Review of the Nigerian Energy Industry

Iran ‘reaches nuclear deal’

Iranian Foreign Minister, Mohammad Javad Zarif.
Iranian Foreign Minister, Mohammad Javad Zarif.

*Oil prices tumble by $1

14 July 2015, News Wires – Iran and a clutch of world powers have finally reached a deal over the Middle Eastern country’s nuclear programme, according to reports.

The P5+1 group of countries – comprising US, UK, France, Germany, Russia and China – have agreed to ease sanctions on Iran in return for curbs on the Middle Eastern power’s nuclear programme, Reuters and Associated Press (AP) reported.

“All the hard work has paid off and we sealed a deal. God bless our people,” an unidentified Iranian diplomat told Reuters.

AP also cited an unnamed European diplomat as saying final obstacles had been cleared for a deal to be done.

Oil prices tumbled more than $1 per barrel following reports of the deal.

Front-month Brent crude futures dropped over 2% and more than a dollar to $56.66 a barrel by 6:37 GMT, REuters reported. US crude was trading down $1.21 at $50.99 per barrel, it said.

The parties, which have been negotiating for months but have been locked in most recent discussions for more than a week, are due to meet in the Austrian capital of Vienna on Tuesday morning to ratify the deal.

UK broadcaster Sky News reported that a press conference will then be held in Vienna at which details of the deal will be released.

Senior P5+1 and Iranian officials have been negotiating in Vienna almost non-stop since the week before last, after missing an earlier self-imposed deadline of 30 June.

Ongoing negotiations then led to a deadline of 7 July, and an “informal” deadline of 9 July to also be missed.

It was then hoped a deal could be unveiled last Friday, before that spilled into this week.

The international players are seeking to curb Iran’s programme in return for sanctions relief, with the pace at which sanctions would be lifted playing a major part in the negotiations.

Iran contends that its nuclear programme is for civilian use.

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