Fuel Fix/Bloomberg: More Iran oil may flow within months of deal, officials say
World powers have offered to suspend U.S. and European oil sanctions against Iran within months of signing an agreement if the Islamic Republic adopts strict limits verified by intrusive inspections of its nuclear program for at least a decade, according to U.S. and European officials.
Limits on Iran’s oil exports would be suspended after Iran complies with an initial set of restrictions, such as disconnecting the majority of its centrifuges and submitting them for verification, according to the officials who spoke to Bloomberg News on condition of anonymity to describe the private negotiations under way in Lausanne, Switzerland.
WNU Editor: For Iran .... the prospect of billions in additional revenues for their coffers must be tempting .... they will be able to support popular domestic programs as well as continuing to fund their allies in Yemen, Syria, and to pay off their supporters and militias in Iraq. On the downside .... there is already a global oil glut .... millions of more barrels of oil will only depress prices further impacting everyone .... Iran included. For countries that are dependent on oil revenues ....Venezuela comes to mind .... even more hard times are coming. For countries like Russia and Saudi Arabia .... this is a development that they must view as troubling.
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