Iran and the six global powers reached a land mark nuclear deal on 14th July, 2015 consequent on which the oil prices were dropped. The historical agreement was hailed by both the US President, Barack Obama and the Iranian President Hassan Rouhani. The nuclear deal would help easing of sanctions against Iran and a gradual increase in its oil exports.

Under the deal -, sanctions imposed by the US, European Union and the United Nations would be lifted in exchange for curbs on Iran’s nuclear program. How ever there were no immediate details on how sanctions would be eased on oil. But even a modest increase in Iran’s oil export would be enough to pull international oil prices down as the market is already producing around 2.5 million barrels per day above demand.

( Courtesy: The Hindu.)