Iran Begins Boosting Oil Production

Iran has started ramping up its crude oil production eyeing a return to pre-sanction levels in a month or two, Deputy Oil Minister Amir Hossein Zamaninia told media, as quoted by Bloomberg. Zamaninia added that the market would be able to swallow the additional volumes, which could bring Iran's total to somewhere between 3.9 million and 4 million bpd. The news comes as Tehran hopes the new U.S. administration would lift sanctions imposed by the Trump administration on the country after it pulled the U.S. out of the so-called Iran nuclear deal.…