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May proved to be a critical month for Iran on many fronts. The keenly-awaited decision by the US on 17 May to extend sanctions relief on Tehran, followed by the re-election of pro-reform President Hassan Rohani on 19 May, and then Opec’s announcement that it was extending its output cuts until March 2018, will all play a seminal role in determining the country’s future economic progress.
Shunned by the international community for many years, Iran’s relationship with the outside world has long been fractious.
However, the broad lifting of international sanctions on 16 January 2016 as a result of the landmark nuclear accord signed between Tehran and the P5+1 group of world powers was meant to lay the foundations for a new chapter in Iran’s history that would see it reintegrate into the global economy. (CONTINUED - 2290 WORDS)