Iran has faced sanctions for decades, but those implemented in 2012 have taken a severe toll on the Iranian economy. Even if sanctions are lifted, it’s likely the global oil market will remain flooded late into next year, keeping prices low and employees out of work. In November 2013, Iran signed an interim agreement with China, France, Germany, Russia, the United Kingdom and the United States that provided some sanctions relief. The agreement, known as the Joint Plan of Action, allowed Iran access to $4.2 billion in previously frozen assets in exchange for limiting nuclear production and permitting international inspectors more access to sites. The JPA capped Iran’s crude oil exports at 1.1 million barrels per day, less than half its 2011 export level. The terms of the JPA will remain in effect until it’s verified that Iran has followed through on limiting its nuclear program, which will likely […]