Production reached pre-sanctions levels of 3.6 million barrels a day in April and maintained that level in May. REUTERS
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Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions.Returning to world markets after more than three years of isolation, Iran is seeking more than $100 billion of investment from international partners to rehabilitate its oil industry and ultimately reclaim its position as OPEC's second biggest producer. Still, companies are waiting for Iran to approve the contract model to be used in deals and for clarity on remaining U.S. sanctions before re-entering the country. Iran's own figures have output climbing to 3.8 million barrels a day in May, with plans to hit 4 million by the end of the year and ultimately reach 4.8 million within five years, Oil Minister Bijan Namdar Zanganeh said June 3 in Vienna.Zanganeh, in an interview with Iranian magazine Seda Weekly published June 11, said the country can add 700,000 barrels a day from these fields over five years.Even after dropping sanctions on Iran's oil sales, the U.S. still prohibits transactions related to the Islamic Republic from being conducted in dollars, restrictions imposed because it accuses Iran of human rights abuses and sponsoring terrorism.
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