If the US were to reimpose nuclear sanctions on Iran, the Trump administration would do so in a way that would have minimal impact on the global oil market, a senior State Department official said Tuesday.

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

On Thursday, the administration extended certain sanctions on Iran's oil and banking sectors that have been suspended since the nuclear deal took place in January 2016.

Iran says its crude oil production will reach 4.5 million barrels per day in a matter of a few years, end of the 6th five-year development plan to 2022.

Iran has exported an average of more than 2.6 million barrels of oil and gas condensate per day last month (July 23- Aug 22), Minister of Petroleum Bijan Zangeneeh said.

Iran, Russia and Turkey signed agreement on maintaining trilateral cooperation in developing oil and gas fields.

“It represents the will of the American people to see Russia take steps to improve relations with the United States. We hope there will be cooperation between our two countries on major global issues so that these sanctions will no longer be necessary.”

The Indian consortium led by the state-owned Oil and Natural Gas Corporation (ONGC) is willing to spend as much as $11bn to develop the giant Iranian natural gas field it discovered in 2008.

On 19 June 2017, ATOMEXPO-2017 IX International Forum in Moscow saw a contract signed between TVEL Rosatom Fuel Company and the Atomic Energy Organization of the Islamic Republic of Iran on delivering a reserve batch of Russian nuclear fuel of Advanced Fuel Assemblies (AFA) type for the first unit of the Bushehr NPP in 2017.

"It is worth taking the risk at $1 billion because it opens a huge market. We are perfectly conscious of some risks. We have taken into account (sanctions) snap-backs, we have to take into account regulation changes," Pouyanne said in an interview.