After weeks of tense negotiations Iran agreed on Monday to curb its nuclear development program in exchange for the lifting of some U.S. and EU sanctions.
Under the deal, Iran will be forced to remove two-thirds of its installed centrifuges and store them under international supervision, dispose of 98 percent of its enriched uranium and permanently grant the International Atomic Energy Agency any kind of access it needs to monitor nuclear development, the BBC said.
The conditions will also prohibit Iran from producing enough nuclear material to make a weapon for 10 years.
The agreement will not immediately lift oil sanctions despite previous threats from Iranian officials that the country would refuse a deal without immediate sanction relief.
U.S. and EU sanctions against Iran, including restrictions on oil exports, will be lifted as the country fulfills the terms of the accord and U.N. weapon inspectors are able to verify Iran’s compliance, CBS News said.
Western sanctions have limited Iran’s crude exports to 1 million barrels per day since 2012 from a high of 2.5 million.
The country currently produces about 3.5 million barrels of crude per day, according to OPEC.
No official timeline for lifting the oil sanctions has been released yet.
A U.N. weapons embargo against Iran will also be rolled back within the next five years, PBS said.
President Obama said Tuesday that he will veto any legislation that aims to block the deal.
“I will remind Congress that you don’t make deals like this with your friends,” Obama said.
Brent crude prices fell 1.9 percent to $56.73 per barrel Tuesday morning on news of the deal before rebounding up to $58.36 per barrel by midday.
The U.S. Energy Information Administration has said that lifting Iranian oil sanctions could drag crude prices down by as much as $15 per barrel in 2016.