Iran can boost its crude oil production to as much as 6.5 million barrels per day (bpd) when the U.S. sanctions on its oil industry are lifted, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Monday. Iran currently pumps around 2.5 million bpd and last produced close to the 6-million-bpd mark in the early 1970s. When the sanctions are lifted, the Islamic Republic could increase its production to over 6 million bpd, according to the oil ministry’s website quoted by Reuters. “The next Iranian government should make it a top priority to raise oil production to 6.5 million barrels a day,” Zanganeh said in Tehran on Monday, Bloomberg reported . Higher oil production will also give Iran more political clout, according to the minister. Iran currently exports some of its oil, mostly to China, in defiance of the U.S. sanctions, but it is preparing to boost those […]