Iran will develop oil industry despite US sanctions, minister says
"We will not surrender under any circumstances ... We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share," Zanganeh was quoted by Reuters as saying.
According to Reuters, the agreement will produce 39.5 million barrels of oil from the Yaran oilfield in Khuzestan province.
Read also: US seeks to seize Iran oil cargoes bound for Venezuela
Iran's currency has been in free-fall since 2018 – when the US withdrew from a 2015 nuclear pact between Tehran and six global powers, and reimposed sanctions.
Iran's oil production and exports have diminished as a result of the sanctions. According to estimates, Iran exports 100,000 to 200,000 barrels per day, down from over 2.5 million bpd that it shipped in April 2018.
Last month, the US sanctioned five ship captains after Iran delivered oil to Venezuela, also under US sanctions.