UN nuke agency admits Iran has cut weapons-grade uranium stock

Iran has converted most of its nuclear stockpile into less volatile forms as part of a deal with six world powers, the U.N. atomic agency has said.

The nuclear stockpile could have turned quickly into weapons-grade uranium.

The development leaves Iran with substantially less of the 20-percent enriched uranium that it would need for a nuclear warhead, Fox News reports.

Under its agreement, Iran agreed to stop enriching to grades beyond 5 percent, the level most commonly used to power reactors, the report said.

It also committed to neutralizing all its 20-percent stockpile.

The U.N.'s International Atomic Energy Agency confirmed that Iran had completed the dilution process.

The confidential IAEA report also said conversion was also well underway, with over 110 pounds of the 20-percent material rendered into oxide.

According to the report, the IAEA report also said that Iran also was complying with other obligations under the six-month interim plan, which restricts Tehran from expanding any activities that could be turned towards making a nuclear weapon.