© Denis Balibouse/Associated PressU.S. Secretary of State John Kerry arrives at Geneva International airport in Geneva, Switzerland, Saturday, Nov.23, 2013 for the Iran nuclear talks.
No particular details of the deal have been immediately made public.
Under the agreement Iran will get access to $4.2 billion in exchange for halting its nuclear program, a Western diplomat told Reuters.
The French delegation has also confirmed the deal.
US President Obama is expected to deliver a speech on the historic resolution within the next hour.
The P5+1 and Iran arrived at the historic deal over Iran's nuclear program at approximately 3:00 AM local time in Geneva.
Before the assembly, the foreign ministers reportedly spent some time consulting with their capitals, a diplomatic source in the Russian delegation told Ria.
Russian Foreign Minister Sergey Lavrov stressed on Saturday that "for the first time in many years the six world powers and Iran have a real opportunity to reach agreement."
The tough discussions of the remaining sticking point of nuclear enrichment has stretched into the night, as the world powers were adamant to strike a deal.
According to Iranian Deputy Foreign Minister Abbas Araghchi, shortly before midnight, the talks were in "their 11th hour." He said that "98 percent of the draft" had already been agreed and the sides were discussing the remaining 2 percent, which was "very important" to the Iranian side.
During the day Iran once again reiterated it would not accept a deal which did not recognize in one way or another Iran's right to enrich uranium.
"Any agreement without recognizing Iran's right to enrich, practically and verbally, will be unacceptable for Tehran," Araghchi told journalists.
DETAILS TO FOLLOW
Iran may get it's frozen petrodollars back, but then wouldn't they anyway when the world dumps the dollar as the reserve currency? There's something going on that is not being talked about, which these days is par for the course.