After years of negotiations, Iran and six major world powers — the US, UK, France, China, Russia and Germany — have reached a deal over the country’s nuclear program.

The agreement aims to curb Iran’s production of nuclear weapons — In return, the US, United Nations and European Union will lift sanctions. The deal still has to make it through Congress, but if it goes ahead, Iran will start ramping up its oil exports.

Click the media player above to hear Barbara Shook, senior reporter-at-large with the Energy Intelligence Group, talk about how the global oil market could be affected.

From our partners at the BBC:

President Barack Obama said that with the deal, “every pathway to a nuclear weapon is cut off” for Iran.

His Iranian counterpart, Hassan Rouhani, said it opened a “new chapter” in Iran’s relations with the world.

In a televised address, Mr. Obama said the deal would make the world “safer and more secure”, and provided for a rigorous verification regime. “This deal is not built on trust – it is built on verification,” he said.

He said the deal would lead to the removal of all sanctions, adding: “The sanctions regime was never successful, but at the same time it had affected people’s lives.”

After 12 years, world powers had finally “recognised the nuclear activities of Iran”, he said.