Will deal unleash ‘Germany of Mideast’?

Originally posted on Business 360:

[cnn-video url=http://edition.cnn.com/video/data/2.0/video/world/2013/11/25/lklv-defterios-iran-deal-oil.cnn.html]

(CNN) —  The historic six-month agreement over Tehran’s nuclear program may begin a new era of relations with Iran, but it will be a long road back for the country’s most vital sector, oil.

Iran produces about two and half million barrels a day — far off its 4-million-barrel-per-day peak a decade ago. Output is hovering at a level last seen at the end of Iran’s war with Iraq. With North Sea Brent crude averaging over $100 a barrel for a record three years running, the sanctions on energy alone are costing Tehran about $50 billion in lost annual revenue.

“During the six month phase, the oil sanctions that will remain in place will continue to cause over $25 billion in lost revenues to Iran or over $4 billion a month,” he said.

With every year that has passed, the screws have been tightened by Washington and the…

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