Iranian official: Iran agrees not to produce nuclear weapons

Iran has agreed not to produce or acquire nuclear weapons under a draft memorandum of understanding between Iranian and US leaders, according to a senior Iranian official who spoke to Reuters.

Details of what will be done with Iran's existing enriched uranium will be discussed in the next 60 days after an initial agreement is reached, the official added, with Iran pushing to handle the dilution of nuclear material itself within its borders.

The US has agreed to lift sanctions on Iran's oil for a limited time, the Iranian official also said, to allow Iran to sell oil and keep the proceeds from such sales.

It is reported that a key part of the agreement will also be the reopening of the Strait of Hormuz by Iran and the end of the US naval blockade of Iranian ports.

Reuters also reports that the Iranian official has said that the draft agreement includes the release of frozen Iranian assets worth $25 billion.

Here's a summary of what the Reuters source said was included in the draft agreement:

Iran immediately reopens the Strait of Hormuz to all commercial ships, while the US lifts the naval blockade of Iranian ports.

The US agrees not to impose new sanctions on Iran until a final deal is reached.

The US will waive oil sanctions on Iran for a certain period, allowing Tehran to sell oil and receive revenue.

The US agrees to release $25 billion in frozen Iranian assets, including direct cash transfers, cooperation between regional countries, and financial credit lines.

Tehran admits that it will neither produce nor acquire nuclear weapons.

Tehran agrees to maintain the nuclear status quo until a final agreement is reached, including not enriching uranium and not expanding nuclear facilities.

The US agrees that Tehran will dilute its stockpile of highly enriched uranium inside Iran, with a mechanism for doing so to be discussed within 60 days.