Russia Says It Has 'Significant Potential' to Hike Oil Production after Iran Sanctions

Russia stands ready to hike its oil output after the implementation of U.S. sanctions on Iran, the country's energy minister told CNBC on Sunday. President Donald Trump's administration is set to impose fresh sanctions on Iran targeting the country's crude industry on November 4. The U.S. is reimposing sanctions on the Middle Eastern nation as part of its withdrawal from the 2015 Iran nuclear deal.