A major oil supplier is poised to rejoin the market as western inspections show Iran’s nuclear program has been sufficiently dismantled, despite controversial missile tests and Republican attempts to expand the US’s active toolkit beyond economic sanctions. Oil fell under $30/barrel Friday in anticipation, $10 lower than the target price Iran has based its budgets on, so recovery may be slow.
via WSJ: “The United Nations’ nuclear watchdog agency in Vienna was expected to certify by Saturday that Tehran has met its commitments under the July accord with global powers to significantly scale back its nuclear program, according to these officials. In return, most Western sanctions on Iran will start to be repealed, sending tens of billions of dollars in frozen Iranian oil money back to Tehran and opening world markets to hundreds of thousands of barrels of Iranian petroleum.”
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