FXStreet (Delhi) – Damien Courvalin, Research Analyst at Goldman Sachs, notes that the International Atomic Energy Agency announced on Saturday (January 16) that it had verified that Iran had implemented its nuclear-related measures described in the Joint Comprehensive Plan of Action. Key Quotes “As a result, the US and EU lifted nuclear-related sanctions on Iran, including those targeting its oil and petrochemical sectors since 2012. While the lift of these nuclear-related sanctions occurred earlier than initially expected, comments by officials since mid-December have pointed to a January Implementation Day, likely contributing to the recent decline in oil prices. In fact, our modeling suggests that the widely assumed number for a drawdown in floating storage and 200 kb/d initial ramp up in production are likely already priced in. Admittedly, the Iranian government has much more aggressive targets and should Iran exports exceed our expectations, this would pressure prices further, through a widening contango as the oil market is already in surplus and remaining available storage capacity continues to fill.” For more information, read our latest forex news.