Oil prices fell on Monday amid fears of possible sharp increase of the Iranian oil exports after sanctions are lifted.
A barrel of Brent crude fell by 0.48% reaching $51.96 a barrel, RIA Novosti reported.
Iranian Oil Mminister Bijan Namdar Zangeneh said on Monday the country can increase its oil production by 500,000 barrels per day within a week immediately after the removal of sanctions. According to him, crude production capacity can increase by above 1 million bpd within a month.
