Iran and Nuclear Intellegence

Iranian officials have been talking with the United States and other countries trying to put the brakes on Tehran's nuclear program. On Sunday, the head of Iran's Atomic Energy Organization said Iran is now producing its own yellowcake and is self-sufficient in the nuclear fuel cycle. What is yellowcake? What does it do and why does it matter?
Yellowcake is the lifeline of any civilian and military nuclear program. The powdery, often yellow substance is uranium ore concentrate that comes from processed, mined uranium ore. Yellowcake is used to produce enriched uranium which is the fuel for nuclear power plants that generate electricity. Uranium enriched at levels between 70 to 90% can be used to build a nuclear bomb. Producing yellowcake is an achievement for Iran because theoretically it will now be able to bypass strict U.N. sanctions that ban Iran from importing yellowcake from other countries.
Why does Iran want nuclear power?Iran says it has a right to have a civilian nuclear program and enrich uranium for peaceful purposes as a signatory of the Nuclear Non-Proliferation Treaty.
Those who are suspicious about Iran's nuclear program wonder why Iran needs nuclear energy when it has among the world's largest reserves of oil and natural gas. Iran says nuclear power will free up more of its oil to export and that's more money for their struggling economy.