Oil producers such as BP Plc and Royal Dutch Shell Plc have expressed interest in developing Iran’s reserves.
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Iran can boost oil production in one week after international sanctions are lifted, and OPEC's refusal to accommodate Iran in export markets would result in lower crude prices, Oil Minister Bijan Namdar Zanganeh said.Production can increase by 500,000 barrels a day within a week after sanctions end and by 1 million barrels a day within a month following that, state-run Islamic Republic News Agency reported, citing Zanganeh in an interview with state TV. Sanctions against Iran's oil industry should be lifted by late November, he said, according to Iran Oil Ministry's Shana news agency.Under the nuclear agreement Iran and six world powers reached in Vienna last month, the U.S. agreed to end efforts to limit Iran's oil sales.
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