Iran's Oil Minister Bijan Zanganeh speaks during the Iran Petroleum Contracts Conference in Tehran, Iran, Saturday, Nov. 28, 2015. (AP Photo/Vahid Salemi)
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Iran is trying to regain its lost share of global crude sales and has no intention of harming the oil market with its planned increase in production once sanctions are lifted from its economy, Oil Minister Bijan Namdar Zanganeh said.In the first phase, Iran will raise exports by 500,000 barrels a day within a week after the removal of international sanctions, he said. The country will add another 500,000 barrels a day in a second phase within six months after the curbs end, Zanganeh said. Iran pumped 2.7 million barrels a day of oil in December, data compiled by Bloomberg show.
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