Iran has completed the necessary steps in a deal to restrict its nuclear program, meaning international economic sanctions are lifted, officials from the EU and the U.N. nuclear watchdog agency said Saturday.

"Relations between Iran and the IAEA now enter a new phase. It is an important day for the international community. I congratulate all those who helped make it a reality," said Director General Yukiyo Amano of the International Atomic Energy Agency.

Amano will travel to Iran on Sunday to meet with President Hassan Rouhani and his top nuclear official.

European Union Foreign Affairs Chief Federica Mogherini said that the economic sanctions against Iran were lifted now that the country has joined the UK, United States, France, Germany, China, Russia and the EU in "the field of peaceful users" of nuclear energy.

President Barack Obama signed an executive order lifting some of the U.S. economic sanctions on Iran, the White House announced.

Iran nuclear deal: What happens next

Secretary of State John Kerry issued a statement confirming the IAEA has verified that Iran "has fully implemented its required commitments."

"Iran has undertaken significant steps that many, and I do mean many, people doubted would ever come to pass. And that should be recognized, even though the full measure of this achievement can only be realized by assuring continued full compliance in the coming years," Kerry said.

Kerry called the world a safer place because of the developments.

otokx:
We may see sub $20 per barrel of oil.

Bishops10:
who read all those things up there?

omenka:
It is not meant for kids.

omenka:
Very bad news for oil dependent economies, worst of all Nigeria since we refused to save enough to use as buffers under such a situation.

Now Iran would flood the IOM with its crude driving oil prices even lower- I foresee it dipping below $10pb.

Bishops10:

Ok sir

But







The kids will still grow to start from where the so called adults stopped

Bishops10:

Ok sir

But







The kids will still grow to start from where the so called adults stopped

9jacrip:


I read somewhere (I can't recall) that the U.S is mostly responsible for the nosedive of crude oil (with the severe push given to shale). I suppose having been able to sink the price of crude oil to a considerable 'low', this move is in order to throw the knock out punch which will then see oil price sinking to as far as $10 if not below.

The 'likely' eventual but slow end of oil dependent states.

omenka:
Well, I would have been all for the temporary fall in oil prices as is currently being witnessed for reason that it would give our government the impetus to diversify our economy and once and for all, put an end to this single commodity based economy.

But previous governments never had the foresight to sufficiently save forex upon which we could fall back when the need arises. Same savings we would have used to invest in other profitable sectors especially agriculture. As things stand, we don't have all the money we need to do so, not even sure we have half of it, yet the price of oil continues its downward spiral.

I have no idea how else to fix this problem than borrowing, which means further plunging the economy into debt. Our only saving grace is that we have a government we can trust to deploy borrowed funds appropriately- it is the most critical index that would decide what becomes of our economy/country after borrowing.

God help us.

9jacrip:



My brother (or Sis) the emboldened is the quandary Nigeria is in.

Let's keep in mind that we have debt on ground needing to be serviced.

Having stated the above, even if we have a govt we can trust to deploy 'borrowed' funds appropriately, the question is where would these funds be deployed to? Recurrent expenditure (which include salaries and non-profit yielding payments)? Or is the govt going to spend the money on projects and expect Nigerians to pay to use the services (a la toll) when the average Nigeria cannot survive on their salary?

Or are we looking at investing in mineral resources and agriculture? Are these two areas enough to bear the weight of Nigeria? I do not think so.

Let's watch and see how Nigeria will manage to survive with its replicated and bloated arm(s) of government.

omenka:
Brother, you seem to grossly underestimate the capability of the agric sector. Look, if properly harnessed, it can propel the economy completely out of its current deplorable situation. Beauty of it is that one doesn't need formal education to be successful in it, unlike in the oil and gas industry- just about everyone can get involved in it. Now just imagine all that!!

Emekamex:
Venezuela's economy capitulated yesterday, with this news, Nigeria's economic demise is within reach; unless they pass the damn budget and begin full implementation earnestly. Waiting till April to pass the budget like they always do will be our greatest mistake.

mazeltov:
I don't have problem with this news. We all know that one day, the sanctions against Iran would be lifted. Of course the sanction can't everlasting as some people think.
My concerns focus on the weakling 'OPEC' organisation.
Honestly since the creation of Opec, I am yet to see its usefulness to the global oil market. I thought Opec would serve as a regulator to regulate these gluts. Sometimes we need to leave the players and blame the coach.
Opec is just too weak to control the output of crude oil into the global market. At least, Opec should be strong enough to impose sanctions on some giant countries like United States or even Venezuela if they outstep their production.

ejiinii:
Good response to the prideful op

omenka:
You have a point but are you aware oil producing states that are non-member states of OPEC account for over 60% of world oil production? This means that even if OPEC seals off all its wells, over 60% of world's demand for oil could still be met!

The only way they might have exerted the leverage you imagine is if they have had monopoly of if they were responsible for an overwhelming fraction of world's total oil output. But they don't, hence, their weakness and inability to regulate supply, and by extension, price.

Furthermore, if they have had that sort of influence and used it as you propose, that could have even more dire consequences for countries that depend on oil exports for forex. Such arm twisting techniques could push big consumers to develop alternatives (they have the technological know how to do so) to oil, thereby ultimately rendering the "liquid gold" useless!

I believe there are some benefits to being a member of OPEC, but right now, in the light of the prevailing circumstances, those advantages nearly totally insignificant.

hahn:


Bro, can you help me out? I was just wondering, why is it that the drop in the price of crude oil is not reflecting in the price of it's refined products especially here in Nigeria?

omenka:
It is the same reason why constructing a 1km bridge in the industrialised world would cost less than it would in our clime- availability of complementary infrastructure.

If we can develop our rail or pipeline delivery system sufficiently to handle massive transport of those commodities, we would no doubt see a corresponding decline in the cost of haulage and cost at the pump.

My theory.