Iran and P5+1 agrees on a timeline for sanctions relief

Iran and the P5+1 (the group of six world powers namely  China, France, Russia, the United Kingdom, and the United States, plus Germany) have finally agreed to a timeline for sanctions relief after several years of negotiations. 

However, sanctions relief will take time, and Iran has a long list of tasks that must be completed before Implementation Day. The oil price view of $68 Brent is unchanged in 2016, as it does not expect the market to move markedly lower as a result of this agreement. 

Within the region, Turkey is expected to benefit from a lift of sanctions mostly via the trade channel in the medium term, while economic prospects are even higher in the longer term. 

"Turkey is aiming to double trade with Iran by 2016, which could translate into an increase in exports of about 0.4% of GDP", says Barclays.