Western Sanctions Against Iran To Be Lifted Early In 2016
Crude Oil and Financial sanctions on Iran will likely be lifted within Q-1 of Y 2016, according to 4 western diplomats familiar with the nuclear monitoring process.
Under the terms of the 14 July accord between world powers and Iran, sanctions imposed internationally on the nation will be lifted in return for restrictions on nuclear work. The Vienna-based International Atomic Energy Agency (IAEA) will assess when Iran has fulfilled the terms of deal, paving the way for the removal of restrictions.
The monitoring necessary for that to happen will be in place by January or February. All of the diplomatic officials have knowledge of the IAEA’s verification program in Iran.
All 4 envoys dismissed assertions made by skeptics of the deal that it does not give IAEA investigators enough access to suspect Iranian facilities. The agency has already begun to receive significantly more information.
The 7-nation accord, already approved by the United Nations Security Council, will be officially adopted by next month and IAEA investigators will give their final assessment of Iran’s past nuclear activities by 15 December according to the timeline.
The US Congress has until 17 September to pass a resolution that could block the deal’s implementation, though US President Barack Hussein Obama has vowed to veto any Senate motion to reject it.
Iran plans to produce 3.9-M BPD of Crude Oil by March 2016, with output rising by 500,000 BPD soon after sanctions are lifted and by 1-M BPD within the following 5 to 6 months, Oil Minister Bijan Namdar Zanganeh said in a 2 September interview. Iran is currently producing 2.8-M BPD, its highest level in 3 years, and is exporting more than 1-M BPD, he said.
Stay tuned…
HeffX-LTN
Paul Ebeling
The post Western Sanctions Against Iran To Be Lifted Early In 2016 appeared first on Live Trading News.