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Iran Oil Minister Hints at Price War to Win Back Market Share

Iran’s new oil minister, Bijan Namdar-Zanganeh, has released plans to raise oil production 70 percent to 4.2 million barrels a day to try to win back old customers, even if it means starting a price war.

Iran, historically the second-largest oil producer in the Organization of Petroleum Exporting Countries after Saudi Arabia, has slipped to sixth place, producing 2.56 million barrels a day, according to data compiled by Bloomberg. Sanctions imposed by the U.S. and its allies against Iran over the past year to curb its nuclear program have restricted the country’s oil exports.