Iran plans to boost crude exports immediately after curbs are lifted. REUTERS/Raheb Homavandi
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Iran may only be able to deliver about half of the promised surge in crude output after sanctions are lifted as it struggles to revive idled fields, according to banks including UBS Group AG and Saxo Bank A/S.The Arab Gulf nation will increase crude oil production by 100,000 barrels a day, or 3.7 percent, a month after sanctions are lifted and by 400,000 in six months, according to the median estimate of 12 analysts and economists surveyed by Bloomberg. Oil Minister Bijan Namdar Zanganeh has pledged to boost output by half a million barrels a day within weeks of the end of sanctions and by the same amount again in six months. Anticipation of higher supply from Iran – OPEC's second-biggest producer before sanctions were imposed in 2012 – has contributed to oil's plunge to the lowest price in almost 12 years.Iran's output was already in long-term decline before the latest sanctions were imposed.
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