Iran oil, energy sanctions still in force after nuclear deal: US

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The nuclear deal signed on Sunday will not allow any more Iranian oil into the market, or let western energy investors into the country, but it does freeze U.S. plans for deeper cuts to Iranian crude exports, Washington says.

Iran and six world powers reached a breakthrough deal early on Sunday to curb Tehran's nuclear program in exchange for limited sanctions relief.

But U.S. and EU sanctions on Iran's energy sector, which have prevented western energy companies from dealing with Tehran, and slashed its oil exports from 2.5 million barrels per day (bpd) to around 1 million bpd, will remain in place.

'In the next six months, Iran's crude oil sales cannot increase,' a fact sheet posted by the White House on the U.S. State Department's website on Sunday said.

'Under this first step, the EU crude oil ban will remain in effect and Iran will be held to approximately 1 million bpd in sales, resulting in continuing lost sales worth an additional $4 billion per month, every month, going forward.'

( Read more from NBC News: Iran deal first step towards comprehensive solution, Obama says)

Western pressure on Iran's mainly Asian oil customers to find other suppliers has supported global oil prices over the last two years. Rising U.S. and Saudi production has helped dampen the impact of around 1.5 million barrels per day of Iranian oil being shut out.

U.S. lawmakers had planned further cuts in Iran's oil exports but Washington has pledged not to impose new nuclear-related sanctions over the next six months, so long as Iran sticks to its side of the deal.

Less crude from Iran would increase pressure on regional rival Saudi Arabia to squeeze more out of oilfields that have already been pumping at record levels this year.

Benchmark Brent crude hit a six-week high of $111.40 on Friday on early uncertainty over whether an agreement over Iran's nuclear program would be reached.

Brent eased late on Friday on renewed hopes that the long-awaited deal would be struck, closing the week on $111.05 a barrel. Oil markets are closed on Sunday.

Little relief

The White House estimates that Iran has lost more than $80 billion since the beginning of 2012 because of lost oil sales. It also estimates Tehran's earnings over the next six months will be $30 billion down compared with a six-month period of 2011, before sanctions were imposed.

U.S. sanctions effectively bar Iran from repatriating earnings from oil exports, forcing customers to pay into a bank in their country.

Washington estimates that Iran has around $100 billion in foreign exchange earnings trapped in such accounts.

Under the terms of the deal, Iran will be allowed access to $4.2 billion of oil export revenues. But nearly $15 billion will still flow into accounts overseas over the next six months, according to the U.S. government.

'We expect the balance of Iran's money in restricted accounts overseas will actually increase, not decrease, under the terms of this deal,' the White House fact sheet said.

The U.S. government has also suspended some restrictions on gold and precious metals trade and lifted sanctions on Iran's petrochemical exports that were imposed earlier this year.

( Read more: Nigeria to speed up shift away from oil)

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