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What follows is a chronological recount of the most significant developments in Iran’s nuclear program, international efforts to negotiate a settlement to address this controversial issue, and implementation of the agreement reached by Iran and the P5 1 on July 14, 2015.

Skip To: 1970s, 1980s, 1990s, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019 November 1967: Iran’s first nuclear reactor, the U. supplied five-megawatt Tehran Research Reactor (TRR) goes critical.

Iran has relatively low production costs compared to other countries, but another slump in prices would put its plans at risk. shale boom has forced OPEC to change its strategy and step up production to defend its market share.

The country desperately needs heavy investments in its out-of-date oil infrastructure. Just few years ago, OPEC countries would adjust their production to keep prices in check, but it's unlikely the group will do something like that now. Recent diplomatic tensions between Iran and Saudi Arabia made the situation even more complicated.

Iran has been gearing up for this moment for months and could soon return to the top ranks of global oil producers.

and European Union sanctions on Tehran were finally lifted on Saturday, restoring Iran's access to world's markets.

Saudi Arabia, the de-facto OPEC leader, is already struggling to keep its market share and Iran's ambitions could put it under even more pressure. The lifting of the sanctions is hardly surprising, and some analysts say most of the oil market fallout has already been priced into the market.

The arrangement is aimed at preventing Iran from extracting plutonium for nuclear weapons from the spent nuclear fuel.

September 24, 2005: The IAEA adopts a resolution finding Iran in noncompliance with its safeguards agreement by a vote of 22-1 with 12 members abstaining.

The resolution says that the nature of Iran’s nuclear activities and the lack of assurance in their peaceful nature fall under the purview of the UN Security Council, paving the way for a future referral.

It operates on uranium enriched to about 93 percent (it is converted to run on 20 percent in 1993,) which the United States also supplies.

Americans are anxious about the growing risk of a nuclear war.

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