Energy Headlines

An outline agreement on the future shape of Iran's nuclear programme has been reached after marathon talks with six major powers in Switzerland.
Under the deal, Iran will reduce its enrichment capacity in exchange for phased sanctions relief.

US President Barack Obama said a "historic understanding" had been reached with Iran.

The world powers and Iran now aim to draft a comprehensive nuclear accord by 30 June.

The framework agreement was announced by the European Union and Iran after eight days of negotiations in Lausanne.

The talks between the so-called P5+1 - the US, UK, France, China and Russia plus Germany - and Iran at Lausanne's Beau-Rivage Palace hotel continued beyond the original self-imposed deadline of 31 March.

Iran denies Western claims it is trying to build a nuclear weapon. It entered negotiations in order to see sanctions lifted.

According to the US, the outline deal includes the following conditions:

Iran will reduce its stored centrifuges by two thirds and reduce its stockpile of low-enriched uranium

Iran's excess centrifuges and nuclear enrichment infrastructure will be placed in storage, monitored by the International Atomic Energy Agency (IAEA)

All of Iran's nuclear facilities will be subject to regular IAEA inspections

Iran will redesign its heavy water reactor in Arak so that it cannot produce weapons-grade plutonium

US and EU sanctions related to Iran's nuclear programme will be lifted in phases, but can be brought back if Iran doesn't meet its obligations.

Mr Obama said the deal's implementation would be closely watched. "If Iran cheats, the world will know it," he said, adding that the deal was based not on trust but on "unprecedented verification".

He said the framework agreement had come after "months of tough, principled diplomacy", and that it was "a good deal".