HOUSTON - After 20 months of tense negotiations, Iran agreed to limit its uranium production for 10 years and access to nuclear equipment and fuel for 15 years.
The agreement could have a direct impact on Houston's economy.
"We're looking probably at six months or more before the oil really begins to get on the market," said University of St. Thomas professor Richard Sindelar.
He said Iranian oil released to the world market as economic sanctions are lifted could be felt here at home.
"If world oil goes down, that means there are less revenues from oil that are flowing back to U.S. companies and Houston companies and that means a downturn in jobs," Sindelar said. "And there are still layoffs underway related to the last go around."
Sindelar also said if the world market does not adjust, and if the Chinese demand continues to fall, we could see more layoffs in Houston. If verified, the U.S. and other countries could lift economic sanctions as early as next year.
"I think in the short term there probably won't be much impact other than the market simply reacting because it's going to be a number of months before any Iranian oil would be on the market," Sindelar said.
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