Iran ship
A Malta-flagged Iranian crude oil supertanker is seen anchored off Singapore. Photo by Reuters
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Iran is to start recovering frozen oil revenue February 1 amid a deal to cap its nuclear program, a news report said.

Tehran will receive a first payment of $550 million of the money, previously frozen under international embargoes, The Washington Post reported late Sunday.

A total of $4.2 billion is to be handed over in six monthly payments, U.S. broadcaster Fox News reported, citing a senior U.S. administration official.

A nuclear agreement between six world powers and Iran will come into effect January 20, when Tehran is to start rolling back parts of its nuclear program, it was announced Sunday.

The interim agreement is for a period of six months, during which time a wider-ranging deal will be sought. Iranian Deputy Foreign Minister Abbas Aragchi said those talks could begin in two to three weeks, the location yet to be decided.