Isolation from the international banking system and the loss of oil revenues have cost Iran’s currency, the rial, two-thirds of its value against the dollar since sanctions were tightened in 2011. Inflation climbed north of 40 percent. Prices of basic foods and fuel, in particular, have soared. It’s estimated that the most recent round of sanctions has dragged down Iran’s GDP by 20 percent and contributed to an unemployment rate of 10.3 percent.

Iran will now become the largest country to rejoin the global marketplace since the breakup of the Soviet Union. By some estimates, Iran’s economy will grow by an additional two percentage points, to more than 5 percent GDP growth, within a year. After an additional 18 months, GDP growth could reach 8 percent…

Iran has the fourth largest proven crude oil reserves in the world, estimated at 157.8 billion barrels. That’s enough to supply China for 40 years. Iran already produces 2.8 million barrels per day. The International Energy Association forecasts that an end to sanctions will allow Iran to ramp up production by an additional 600,000 to 800,000 barrels per day within months, roughly 4 percent of global output. The re-entry of Iranian oil to the global market could lower 2016 forecasts for world crude oil prices by $5-$15 per barrel. That’s good news for oil consumers but bad news for Saudi Arabia, which stands to lose significant market share in years to come as both Iran and Iraq increase production and exports.