Iran will boost crude oil production by 500,000 barrels per day within one week of the lifting of international sanctions, a senior oil industry official was quoted as saying on Monday.
"A 500,000 barrels increase in Iran's oil production will take place in less than a week after the effective lifting of sanctions," said the Managing Director of National Iranian Oil Company Rokneddin Javadi, according to Shana.
"Our customers for this increased production level will mostly be our traditional customers in Europe and Asia," he added.
The United States approved sanctions waivers for Iran on Sunday, although it cautioned these would not take effect until Tehran had modified its nuclear program as required under a nuclear deal reached in Vienna on July 14.
Iran's Oil Minister Bijan Namdar Zanganeh had said that the OPEC producer would raise its production by 500,000 bpd once sanctions were lifted and that a further 500,000 bpd would be added shortly after that.