Iran orders 500,000 bpd oil production increase

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Iran on Monday ordered as planned an increase in its oil production of 500,000 barrels per day following the lifting of sanctions under its nuclear deal with world powers.

“With (Other OTC: WWTH – news) the removal of sanctions, Iran is ready to increase production by 500,000 bpd and today this order was issued,” Rokneddin Javadi, the head of the National Iranian Oil Company and the deputy oil minister, said in a statement.