FX.co ★ Iran to boost output after US sanction are lifted

Negotiations on the renewal of the 2015 nuclear agreement are at the final stage. And with it, Iran's oil minister said output in the country can be increased to up to 6.5 million barrels a day.

Currently, Iran produces 2.5 million barrels of oil daily, but Iranian Oil Minister Bijan Zanganeh said it could be raised as soon as US sanctions are lifted.

Zanganeh believes that it will not be difficult for Iran to find buyers because this year, it did not encounter problems on selling even if it already increased its exports.

Iran said it wants to complete the negotiations before the presidential elections, which will be held on June 18. Zanganeh also said he will leave his seat and will not accept offers to become a minister again.

Iran's main state-owned energy company was also reported to have teamed up with Iraq in signing preliminary agreements with local firms to explore the Azadegan oil field.

Evidently, Iran is relying on local firms to develop its oil sector, as sanctions crowded out foreign investors.

Azadegan's reserves are estimated to be 32 billion barrels of oil.

And at the OPEC meeting on Tuesday, many analysts expect oil production to be increased to 840,000 bpd.