After several months of negotiations, Iran and the P5+1 have come to terms on a nuclear deal. The deal sets limits on the Iranian capacity for centrifuges, reducing them by two thirds, and places a 15 year restriction on enriching uranium beyond 5%. Under the deal Iran will also be obligated to allow IAEA inspectors access to military facilities in order to resolve outstanding questions by the end of the year.

In exchange, certain restrictions on Iran’s oil and gas and military sectors will be eliminated. The deal has, predictably, been met with a combination of fanfare and acerbic criticism largely along partisan lines. US hardliners in congress have already pledged to stop the deal, although this appears unlikely due to US President Obama’s pledge to veto any deal that would invalidate the agreement. In Iran critics have yet to emerge in vocal opposition to the deal. This is perhaps unsurprising given the perception that the Iranian Ayatollah Khamanei has tacitly endorsed the deal and urged a pragmatic approach instead of an ideological one.

The implications of an unencumbered Iran have been described as politically and economically enormous. In addition to having one of the largest populations in the Middle East, Iran’s oil and gas reserves rival those of Canada.

A summary of the deal’s terms as published by BBC can be found here

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