A deal on limiting Iran's nuclear programme in return for the lifting of sanctions has been reached at talks in Vienna, diplomats say.

Under the agreement, access for nuclear inspectors monitoring Iran's programme would reportedly not be automatic.

Meanwhile, the International Atomic Energy Agency (IAEA) said it had signed a "roadmap" with Iran.

Six world powers including the US, Russia and the UK have been negotiating with Iran for several years.

The EU announced a "final plenary" meeting for the current talks in Vienna at 08:30 GMT, followed by a news conference.

The so-called P5+1 - the US, UK, France, China and Russia plus Germany - want Iran to scale back its sensitive nuclear activities to ensure that it cannot build a nuclear weapon.

Iran, which wants crippling international sanctions lifted, has always insisted that its nuclear work is peaceful.
http://www.bbc.com/news/world-middle-east-33518524

My fears for Nigeria Economy: Is Buhari and APC prepared for This?

i. Oil Glut loading: Iran, faced with international sanctions, has stored as much as 35 million barrels of oil on tankers off-shore.
As soon as sanctions on Iran are lifted, the country would be releasing 35 million barrels of oil it has stored off-shore. This would further increase the already saturated market. the implication is price drop. Are we ready for this? With no economic team and petroleum minister, will Nigeria will be watchin the acts playing our and our future determined for us by others?

ii. Iran: The country holds the fourth-largest oil reserves in the world, and it is sitting on another 20 to 40 million barrels in storage on-shore and in more than a dozen tankers floating off its coast – oil that could immediately flood a market already awash in cheap crude if and when sanctions are lifted. With this knowledge, why have our economic egg-heads not prompted Buhari and APC to prepare. For 17 straight days this talk has been on and the implications clear, I am yet to hear of any plan by Nigeria to avert the consequence, rather they are fighting about House and Senate leadership.

iii. "According to the Iran Petroleum Ministry, the proved natural gas reserves of Iran are about 1,046 trillion cubic feet (29.6 trillion cubic metres) or about 15.8% of world's total reserves, of which 33% are as associated gas and 67% is in non associated gas fields. It has the world's second largest reserves after Russia.[1][2] As it takes approximately 5,850 cubic feet (166 m3) of gas to equal the energy content of 1-barrel (0.16 m3) of oil, Iran's gas reserves represent the equivalent of about 216 billion barrels (3.43×1010 m3) of oil.
The US Energy Information Administration estimated Iran's proved gas reserves as of the start of 2013 as 1,187 trillion cubic feet (33.6 trillion cubic metres).[3]" _ wikipedia.org.

As the second world largest supplier of gas after Russia, Iran can use her stock to push-down gas prices. What are the implications for NLNG? We have shared the reserve from NLNG as "Bailout" and have been running our mouths as to who generated the wealth, not minding that we would be requiring further investments and funding for production or counterpart funding. ECA is emptied, nothing in SWF, the Naira is depreciating at alarming pace, "while our leaders are still enjoying honeymoon and dancing to ethnic drums".

I wish Buhari and APC well.

Hmm... Nigeria is in deep shit

This was similar thing I was educating somebody saying that oil is this oil is that, Nigerians are ignorant and they don't follow international business and politics.

Venezuela is in red because of the drop in oil yet the South America country still have more than she can find buyers.

Nigeria oil is light which used to be a hot cake but no its no longer because technological innovations have developed devices to refine heavy crude and still arrive at the same result when light crude achieve.

They are more oil floating in the sea than there are more buyers, alternative sources of energy is the new thing now and ICT have taken over the world wonder we see Fortune 500 sponsoring Startup events in ICT than oil exploration.

By the time Iran's sanctions are lifted you will see how oil will be hawked in the Atlantic and Pacific Oceans

Late Sunny Okosun made one song:

"Which way Nigeria? Which to go, I love my father land, I want to know, which way Nigeria is heading to?"

Nigeria, is Buhari really the solution?

BuddahMonk:
This was similar thing I was educating somebody saying that oil is this oil is that, Nigerians are ignorant and they don't follow international business and politics.

Venezuela is in red because of the drop in oil yet the South America country still have more than she can find buyers.

Nigeria oil is light which used to be a hot cake but no its no longer because technological innovations have developed devices to refine heavy crude and still arrive at the same result when light crude achieve.

They are more oil floating in the sea than there are more buyers, alternative sources of energy is the new thing now and ICT have taken over the world wonder we see Fortune 500 sponsoring Startup events in ICT than oil exploration.

By the time Iran's sanctions are lifted you will see how oil will be hawked in the Atlantic and Pacific Oceans

Deal is sealed. Except OPEC can influence the level of release of Iran's stock,prices may plimmet. May get to as low as $30 per barrel.
Not a sweet story to tell.

Any thing that will weaken the Zoological republic and strengthen Biafran emergence is welcome by me.

Oil prices going down, Naira turning to Zimbabwe's dollars, Boko haram insurgency increasing, perhaps the Country is about exploding. Interesting times ahead.

Nigeria needs to anticipate most of these things. We were aware of the need for us to diversify, why do we keep ending up here.

Bad timing...The likes of Danjuma and co would be shaking...

Local councils go hear am.

@op why are u painting the scenario somehow good. This is the truth we are fu.cked sideway with a spit as payment. Dollar will soon hit 300 naira.. *i feel like hitting someone*