VIENNA: UN nuclear agency has certified that Iran has met all its commitments under last summer's landmark nuclear deal. The move lifts Western economic sanctions on Iran, that were in place for years, also unlocking access to $100 billion in frozen assets and opening new opportunities for its battered economy.
US Secretary of State John Kerry and top diplomats of Iran and the European Union hailed the accord, reached after years of setbacks and a full decade after the start of international diplomacy aimed at reducing the possibility that Tehran could turn its nuclear programs to weapons making. “Today marks the first day of a safer world,” Kerry declared in Vienna. “This evening, we are really reminded once again of diplomacy's power to tackle significant challenges.” Kerry also linked the trust built between both the countries over the past two years, to talks to the release of four Americans by Iran.
“Thanks to years of hard work and committed dialogue, we have made vital breakthroughs related to both the nuclear negotiations and a separate long-term diplomatic effort,” he said. EU Foreign Policy chief Federica Mogherini. in a statement also read in Farsi by Iranian Foreign Minister Mohammad Jawad Zarif, said the accord “demonstrates that with political will, perseverance, and through multilateral diplomacy, we can solve the most difficult issues and find practical solutions that are effectively implemented.”
In Washington, US President Barack Obama signed executive orders lifting economic sanctions on Iran, while Kerry confirmed that the UN's International Atomic Energy Agency could verify that “Iran has fully implemented its required commitments.”
With the international nuclear sanctions lifted, India can finally resume its unrestricted import of oil from the country. Indian Oil Corp has said that the possibility of freely importing oil from Iran, to be paid in US dollars for now, comes at a time when global prices are expected to plummet further.
Iran is due to increase its export of 1.1 million barrels of oil per day by 500,000 soon, followed by a further 500,000 bpd later. The news has provoked the continuing fall in oil prices with UK Brent crude closing trade on Friday below $29 a barrel. Also marking a 13-year low, the price of the Organisation of Petroleum Exporting Countries(OPEC) basket of 12 crudes stood at $25 a barrel on Friday, compared to $25.69 on the previous day, the organisation's secretariat said. Adding to investors' worries was the lack of signs that US shale oil producers would start to cut production in face of the plunging prices. With OPEC deciding last December against cutting output, traders are betting the cartel is less likely to cut output now to prevent easy passage of Iranian crude into the market, particularly at a time of tensions between Iran and Saudi Arabia.
