IRANIAN OIL & SANCTIONS
After more than a decade of tough negotiations, the global oil industry expects to welcome Iran back into the market. On July 14, 2015, the P5+1 (the five permanent members of the United Nations Security Council—China, France, Russia, United Kingdom, United States—plus Germany), the European Union, and Iran agreed on a Joint Comprehensive Plan of Action (JCPOA). The JCPOA limits the Islamic Republic's nuclear program in return for relief from oil and financial sanctions.
If implemented, the landmark agreement will reopen the Iranian economy to global trade and recover billions of dollars in frozen assets. Most importantly, investment and technology-starved Iran will be able…
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