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June 7, 2015 10:51 am

Iran to Increase Oil Exports When Sanctions End Even if Prices Fall

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Iran will increase its oil exports after international sanctions end. Photo: Press TV.

Iran said it will increase its oil exports after international sanctions end. Photo: Press TV.

Iran will increase crude exports with the end of international sanctions even if oil prices decline, the country’s representative to OPEC said, adding supply after a surplus sent Brent falling almost 50 percent last year.

The Persian Gulf nation can double oil exports within six months of sanctions ending, Mehdi Asali said, according to state-run Islamic Republic News Agency. Under sanctions, Iran is allowed to export about 1 million barrels of oil a day. Iran produced 2.8 million barrels of oil a day in May, more than Venezuela and Nigeria, according to data compiled by Bloomberg.

Read full story at Bloomberg.

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