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International sanctions on Iran will be lifted within hours when the International Atomic Energy Agency (IAEA) issues its final report on Tehran's nuclear programme, Foreign Minister Mohammad Javad Zarif was quoted as saying.

Zarif arrived in Vienna earlier on Saturday, where the IAEA was expected to release the report confirming that Iran has completed its commitments under last year's nuclear deal, triggering "Implementation Day" and the lifting of sanctions.

"Today, with the release of the IAEA chief's report, the nuclear deal will be implemented, after which a joint statement will be made to announce the beginning of the deal," Zarif was quoted as saying by state news agency IRNA.

"Today is a good day for the Iranian people as sanctions will be lifted today," Zarif also reportedly said.

The report, if issued, would mark the consummation of the July 14, 2015 nuclear agreement, under which Iran agreed to shrink its atomic programme in exchange for the lifting of some EU, US and UN sanctions.

This would allow billions of dollars of investment to flow into the country.

US Secretary of State John Kerry arrived in Vienna on Saturday as Iran and Western powers finalised the arrangements for the lifting of sanctions.

Kerry is expected to go directly into a meeting with Zarif, who arrived in Vienna earlier

Zarif was due to meet Kerry, the EU's foreign policy chief Federica Mogherini, and IAEA chief Yukiya Amano later on Saturday.

Al Jazeera's Jacky Rowland, reporting from Vienna, said the lifting on sanctions "will inevitably have an impact on the oil price, some analysts say it could go down to as low as $20 a barrel", because its exports would rise, increasing supply further

On Friday, oil prices fell to below $30 a barrel, a new 12-year low, amid renewed concerns of slow growth in China - the world's second largest economy.

Source: Agencies