Iran will be ready to negotiate on oil production towards year-end

Iran will be ready to negotiate its level of production as soon as production recovers to its pre-sanction volumes, Seyed Mohsen Ghamsari, director for international affairs at the National Iranian Oil Company, said, according to Reuters.

For that to occur Iran first needed to complete work on a pipeline and a terminal, near Kharg Island in the Persian Gulf, to allow exports of a new grade of crude to be called West Kharoon.

That was expected to happen "sometime by the end of this year," Ghamsari reportedly said.

Initial production of the new grade was projected to be just under 300,000 barrels a day.

As of 1551 BST front month Brent crude futures were trading down by 1.64% to $46.86 on the ICE.