What's Up With Iran's Nuclear Deal?
Nuclear energy is a relatively new technology, but it is definitely one of our most important sources of power. For this reason, although nuclear energy has brought us many benefits like green jobs and less emission of greenhouse gases, it also poses many threats. One of these threats is the use of nuclear energy to create weapons of mass destruction.
In order to prevent the spread of nuclear weapons, an international treaty known as the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) was created in 1968. 191 states since then have signed the treaty, but a few states have been found to be in violation of the agreement. Iran is one such state.
In order to put pressure on Iran to comply with the rules, and to stop developing nuclear technology, the country was put under economic and financial sanctions, until it showed that it had complied with the set standards: to reduce centrifuges and uranium stockpiles, as well as determine the military goals of its controversial nuclear program.
Once Iran obliged, the sanctions would be lifted, and Iran's oil exports would rapidly increase. However, not much progress was seen with this, and Iran's economy was slowly sinking, and it's employment, rocketing sky-high.
Thus, in April, 2015, another nuclear deal, the Iran Nuclear Deal was framed between Iran, the United States, United Kingdom, Russia, France, China, Germany and the European Union. The deal covered Iran's enrichment capacity, research capabilities, the international monitoring of Iran's nuclear program, and more. The deal was finally officiated on July 14, making history. Iran's nuclear ability has now been significantly limited in return for the lifting of international oil and financial sanctions.
What does this mean for the world? Because oil extraction will begin again in the region, global oil supplies will increase dramatically, meaning that prices will fall due to supply and demand. The deal is historic and a success for both Iran and the world, because after years of sanctions, the Iranian economy will increase once more, and the world will be a safer place.