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.

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.


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.

By Sputnik