Iran to Boost Oil Production by 500,000 Barrels Daily

© AP Photo / Vahid SalemiAn Iranian oil worker makes his way through Tehran's oil refinery south of the capital Tehran, Iran, Monday, Dec. 22, 2014
An Iranian oil worker makes his way through Tehran's oil refinery south of the capital Tehran, Iran, Monday, Dec. 22, 2014 - Sputnik International
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The increase in oil production capacity is among the National Iranian Oil Company's top priorities, according to the managing director of the National Iranian Oil Company.

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MOSCOW (Sputnik) — Iran is increasing its daily oil production by 500,000 barrels after the sanctions against Tehran are removed officially, the managing director of the National Iranian Oil Company said Monday.

"We are currently monitoring the problems and obstacles our banks are facing with, since it will take a few weeks to be solved and once there would be no other major problem, Iran would definitely be ready to boost production and export," Roknoddin Javadi said, as quoted by the company.

According to Javadi, the increase in production capacity is among the company’s top priorities.

"Today, there is a great opportunity to accelerate the pace of development and it certainly affects the oil industry in an extensive way," the official said.

Iran's President Hassan Rouhani gestures at the conclusion of his press conference, in Tehran, Iran, Sunday, Jan. 17, 2016. The implementation of a historic nuclear deal with world powers is expected to pave the way for a new economic reality in Iran, now freed from harsh international sanctions - Sputnik International
Tehran's Nuclear Deal 'Not the End of the Saga'
The European Union, the United States and the United Nations lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency verified late on Saturday Tehran’s compliance with a nuclear agreement reached last July. The lifting of sanctions allows Iranian oil producers to re-enter the market.

The announcement comes amid oversupply in the global oil market, with the Organization of the Petroleum Exporting Countries refusing to cut down its daily output.

According to OPEC, Iran currently exports just over 1 million barrels of oil per day, producing over 3 million barrels daily.

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