- The six-month agreement by which Iran will scale back its nuclear program in return for $6-7B worth of sanctions relief will start being implemented on January 20.
- Shortly afterwards, Iran and the P5+1 world powers will begin talks over a final deal.
- Plenty of stumbling blocks exist, including an Iranian parliamentary bill that calls for the country to enrich uranium up to 60%. In the U.S., there are proposals in Congress to stiffen the sanctions against the country, although President Obama has pledged to veto any such measures while negotiations are taking place.
- News of the implementation of the deal follows a report that Iran is in talks with Russia for the latter country to receive 500,000 bpd of oil from Iran in return for equipment and other goods.
- Crude oil is -0.4% at $92.55.
- More on Iran nuclear deal.
- ETFs: USO, OIL, UCO, SCO, DBO, DTO, BNO, CRUD, USL, DNO, SZO, UWTI, OILZ, DWTI, OLO, OLEM, TWTI
Iran-P5+1 nuclear agreement to come into force on Monday next week
Jan 13 2014, 02:08 ET