Energy Prospectus

Crude oil sanctions will remain in place until nuclear compliance is verified

Regardless of how much crude Iran might be capable of producing and selling on world markets now that an agreement has been reached, the market should not expect to see it until after Iran has complied with the nuclear side of the deal, says William Featherston, an analyst for UBS.

“Implementation of the deal also requires the International Atomic Energy Agency (IAEA) to inspect Iranian nuclear sites and draft a report about possible previous nuclear research for military use before sanctions can be lifted; target date is 12/15/15,” he said. Because there is no set timetable for the IAEA verification, however, there is no set date when sanctions might be lifted.

IMO there is zero chance of more Iranian oil (other than what the smuggle out) hitting the market this year. - Dan

Full Report: http://www.oilandgas360.com/iran-deal-r ... a-26401157

PS: It is becoming clear to me that EIA is "twisting" there data in an effort to keep oil prices low for as long as they can. Many thought that they did that in 2009 and I think they are doing it again. Remember, low oil prices help a lot of voters and they are a huge financial stimulus to an economy that needs all the help it can get. JMHO of course. - Dan

Iran deal still faces Congress

While the P5+1 and Iran have come to an agreement for the nuclear deal that will lift sanctions, it still requires a review from a Republican-led Congress that is opposed to many of the deal’s parameters. Some have expressed that the terms of the deal ensure Iran having a nuclear weapon within the decade.

The U.S. Congress has 60 days to approve or amend the deal, but President Obama has promised to use his power as executive to veto Congress if it tries to block the deal. In order for Congress to overcome a presidential veto, a two thirds majority is required to override, meaning bipartisan support will be necessary.