Iran Wants Foreign Investors To Help Restore Its Oil Market
Iran has managed to increase production since sanctions were lifted, but it desperately needs investors so it can update its out-of-date machinery.By Lindsay Gloor | October 17, 2016
"Can we wait and not produce after lifting the sanction? Who can accept it in Iran?" Iranian Oil Minister Bijan Zanganeh asked a CNN reporter.
Sanctions restricting Iran's oil production were lifted earlier this year. And the oil-rich nation has wasted no time increasing its output once again.
Iran faced a series of harsh sanctions imposed over the country's nuclear weapons program, revealed in 2002. The U.S. and European Union chose to lift sanctions in January 2016, several months after the Middle Eastern nation signed a nuclear agreement.