Originally posted on Business 360:
(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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