DUBAI Jan 18 Iran has issued an order to
increase crude oil production by 500,000 barrels a day, the
deputy oil minister was quoted as saying on Monday, implementing
its policy to boost production as soon as sanctions were lifted.
Oil prices hit their lowest since 2003 on Monday as the
market braced for additional Iranian exports, but later turned
positive. Benchmark Brent crude was trading at around $29.50 at
"Iran is able to increase its oil production by 500,000
barrels a day after the lifting of sanctions, and the order to
increase production was issued today," Deputy Oil Minister
Rokneddin Javadi, who also heads the National Iranian Oil
Company, was quoted as saying by Shana.
(Reporting by Bozorgmehr Sharafedin; Writing by Sam Wilkin;
Editing by David Goodman)