Iran will hike production when sanctions are lifted.
Oil prices are flat today but and increasing focus of the market is June 30. That's the earliest date when sanctions against Iran may be lifted.
Sanctions have caused stockpiling and trimmed exports to just 1 million barrels per day. Once they're lifted, that will double, according to Iran oil minister Bijan Namdar Zanganeh.
"We expect the members of OPEC to pave the ground for (an) increase of Iran's oil production that will reach global markets when sanctions are lifted," he told state media.
OPEC's next meeting is June 5 and cutting production ahead of the surge in Iranian supply will be a major topic of conversation.
