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Iran vows to reach pre-sanctions oil output

Iran vows to reach pre-sanctions oil output
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Iran says it wants OPEC countries to cut oil output to boost prices – but intends to increase its own production once international sanctions are lifted.

Iran’s oil minister Bijan Namdar Zanganeh says “no-one is happy” with prices at current levels.

He wants crude output cut to raise prices to 70 to 80 dollars a barrel.

But he says he expects no change in OPEC’s current output policies.

Sanctions on Tehran could be lifted early next year following the nuclear deal.

Iran says once that happens it could increase oil production by half a million barrels a day immediately – and reach its pre-sanctions output level within seven months.

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