France's Total to buy oil from Iran

The Iranian National Oil Company (NIOC) has signed a contract with France's Total, according to which the French company will purchase 150,000-200,000 barrels of Iranian oil per day, the Iranian news agency Mehr reports.

Total is not Iran's first European customer since the sanctions were lifted. The Deputy Iranian Oil Minister Roknoddin Javadi said that "Iran is able to increase its oil production by 500,000 barrels per day," Interfax reports.

Iran is currently negotiating with Spain, Italy, Germany, France, the Czech Republic, Greece and the UK on oil supplies.