- Iran and the P5+1 world powers have struck a six-month interim agreement in which the Persian nation will limit its nuclear program in exchange for an easing of international sanctions that will provide the country with $6-7B of foreign exchange.
- However, "the key oil, banking, and financial sanctions architecture, remains in place," the White House said in a fact sheet.
- "The EU crude oil ban will remain in effect and Iran will be held to approximately 1M bpd in sales, resulting in continuing lost sales worth an additional $4B per month," the sheet said.
- Iran will eliminate uranium enriched to 20%, halt the installation of advanced centrifuges, refrain from commissioning its Arak heavy water reactor - from which plutonium can be made - and remove its stockpile of the fissile material, which is thought to be almost enough to make one nuclear bomb.
- The sides now plan to spend the next six months working on a permanent deal.
- The P5+1 and Iran have expressed satisfaction with the deal, but Israeli ministers have already rushed to the airwaves to denounce it.
- President Obama's statement.
- ETFs: USO, OIL, UCO, SCO, UGA, DBO, BNO, DTO, CRUD, USL, DBE, UHN, RJN, DNO, SZO, OILZ, UWTI, OLO, UOIL, DWTI, JJE, RGRE, ONG, DOIL, OLEM, TWTI, FOL, UBN
Iran, world powers reach deal but "key oil" sanctions to stay
Nov 24 2013, 02:47 ET