Iran can boost oil output in one week after international sanctions are lifted: minister

Teheran

IRAN can boost oil production in one week after international sanctions are lifted, and the Organization of Petroleum Exporting Countries' (Opec) refusal to accommodate Iran in export markets would result in lower crude prices, Oil Minister Bijan Namdar Zanganeh said.

Production can increase by 500,000 barrels a day in a week after sanctions end and by one million barrels a day in one month, state-run Islamic Republic News Agency reported, citing Mr Zanganeh in an interview with state TV.