Iran Oil Production Unaffected by Sanctions

Iran may increase its oil reserves and its hydrocarbons sector is not affected by international sanctions, according to the country’s oil minister.

Iran’s Oil Minister Masoud Mirkazemi said Iran has increased its production capacity by temporarily converting petrochemical plants into refineries as part of measures to offset the impact of the US’s sanctions.

Iran recently revealed that its oil reserves had increased by 9% to 150.31 billion barrels, contributed partly by new discoveries, reports Dow Jones.