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What follows is a chronological recount of the most significant developments in Iran’s nuclear program, international efforts to negotiate a settlement to address this controversial issue, and implementation of the agreement reached by Iran and the P5 1 on July 14, 2015.Skip To: 1970s, 1980s, 1990s, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 November 1967: Iran’s first nuclear reactor, the U. supplied five-megawatt Tehran Research Reactor (TRR) goes critical.1974: Shah Reza Pahlavi establishes the Atomic Energy Organization of Iran (AEOI) and announces plans to generate about 23,000 megawatts of energy over 20 years, including the construction of 23 nuclear power plants and the development of a full nuclear fuel cycle. S.-Iranian ties and damages Iran’s relationship with the West. 1992: Congress passes the Iran-Iraq Arms Nonproliferation Act of 1992, which prohibits the transfer of controlled goods or technology that might contribute “knowingly and materially” to Iran’s proliferation of advanced conventional weapons.1979: The Iranian Revolution and the seizure of the U. 1993: Conversion of the TRR is completed by Argentina’s Applied Research Institute. Congress passes the Iran-Libya Sanctions Act, also known as the Iran Sanctions Act, that penalizes foreign and U. investment exceeding million in Iran’s energy sector in one year.Crude prices have been tanking for months, dropping to below a barrel.A flood of new oil from Iran will likely push them even lower very soon.
November 14, 2004: Iran notifies the IAEA that it will suspend enrichment-related activities following talks with France, Germany, and the United Kingdom.
Iran has relatively low production costs compared to other countries, but another slump in prices would put its plans at risk. shale boom has forced OPEC to change its strategy and step up production to defend its market share.
The country desperately needs heavy investments in its out-of-date oil infrastructure. Just few years ago, OPEC countries would adjust their production to keep prices in check, but it's unlikely the group will do something like that now. Recent diplomatic tensions between Iran and Saudi Arabia made the situation even more complicated.
Saudi Arabia, the de-facto OPEC leader, is already struggling to keep its market share and Iran's ambitions could put it under even more pressure. The lifting of the sanctions is hardly surprising, and some analysts say most of the oil market fallout has already been priced into the market.
The nuclear deal, sealed in July, was nearly two years in the making.