For American corporations, the Iran nuclear deal starts with pistachios, caviar, carpets and airplanes — and could mean more. For American consumers, the deal could mean slightly lower oil prices, but not until next year, as limits on Iranian crude oil exports are lifted.
But for Iran, the nuclear deal — once it is fully implemented several months from now — will have far-reaching benefits, giving it access to foreign investment, trade with oil-thirsty markets in Europe and Asia, and escrow accounts that are holding more than $100 billion from oil sales out of Tehran’s reach.
Those benefits could help revive Iran’s economy and ease pressure on the government’s budget, both of which rely heavily on oil revenue. But the oil export restrictions would be lifted only after the International Atomic Energy Agency certifies that Iran has complied with certain commitments, and that isn’t expected to happen until late this year.
Read the full article at The Washington Post.