After almost five years of being shut out of international markets, Iran has finally managed to get its economic sanctions lifted. The long and arduous road for the Middle Eastern country came to a point on Saturday, when officials from the EU and the UN nuclear watchdog stating that Iran has completed the necessary steps in a deal to restrict the country's controversial nuclear program, according to The Daily Star.
Director General Yukiyo Amano of the International Atomic Energy Agency stated that the landmark deal is a historic event, with the lifting of Iran's economic sanctions heralding a new phase for the international community.
"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," he said, according to CNN.
With the lifting of the economic sanctions, Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), could now export crude oil once more. On Sunday, a day after the announcement, the Middle Eastern country stated that it was ready to increase its exports by 500,000 barrels per day.
Iran's announcement, however, seemed to come at a fairly bad time. In a market that is already bent reeling from overproduction and low demand, the influx of even more oil threatens to weigh down the market further. Worried about Iran's return to the oil market, Brent futures went down to $27.67 a barrel early on Monday, the lowest level it has reached since 2003, according to Reuters.
U.S. crude also took a hit, going down 38 cents at $29.04 a barrel.
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