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A member of the “axis of evil” hugs the “Great Satan”

Published Wednesday, July 15th, 2015

It took 23 months of long and painful negotiations but finally it has happened. Iran will cut back its nuclear work in order to have international sanctions lifted and assets unfrozen. What are the potential consequences of the nuclear deal struck between Iran and world powers? Politically, it is a victory for President Obama as it will add considerably to his legacy provided the deal gets Congressional approval. Iran agreed to a “snapback” mechanism under which sanctions can and will be re-instated in 65 days if Iran violates the deal. Both the US President and his Iranian counterpart Hassan Rouhani will face criticism from home and abroad. The Iranian hard-liners will certainly disapprove of the deal whilst the Republican-controlled US Congress, which has 60 days to review the deal, will do its best to block the landmark agreement.

And of course, there is Israel. Prime Minister Benjamin Netanyahu was quick to label the deal as a “bad mistake of historic proportion” and said that “Iran will get a jackpot, a cash bonanza of hundreds of billions of dollars, which will enable it to continue to pursue its aggression and terror in the region and in the world,” he said. “Iran is going to receive a sure path to nuclear weapons.” Saudi Arabia along with other Sunni nations will also quietly disapprove of the accord.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.