Rouhani: Iran boosts oil output by 1m barrels a day

Iran’s President Hassan Rouhani said his country has been selling more than one million barrels of oil per day since Sunday after economic sanctions were lifted.

Iran’s IRNA news agency reported Rouhani as saying: “The ban on all Iranian banks as well as insurance companies has been lifted”.

“To achieve a growth rate of eight per cent … requires the strengthening of internal investments by $50 billion a year from foreign investment,” the president said.

Last week, the United States announced that international sanctions imposed on Tehran over its nuclear programme have been lifted after the IAEA verified that Iran has met its side of the nuclear deal provisions.

Lifting the sanctions allows Tehran to have immediate access to more than $50 billion in long-frozen assets and freedom to sell its oil and purchase goods on the international marketplace.