Iran will increase its oil output by 500,000 barrels per day following the lifting of sanctions by the U.S. and the European Union on Saturday. Via Reuters, fellow OPEC member the United Arab Emirates said the extra oil would not help the global market recover, but Iran’s ability to boost production may be hamstrung. Its energy infrastructure has lay dormant for several years and needs outside investment to get back up and running, Reuters notes. Meanwhile, oil prices dipped to a 13-year low of $28 per barrel today.
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