Iranian Minister of Petroleum Bijan Zangeneh said Iran has managed to recapture a major portion of the share it lost in the global oil market because of the US-led sanctions on Tehrans nuclear program, adding that "contrary to what some had speculated, Irans return to the market did not reduce the prices."

Addressing a farewell ceremony to the ex-Managing Director of National Iranian Oil Company (NIOC) Roknoddin Javadi and introducing his replacement Ali Kardor on Saturday, Zangeneh said, "We fulfilled our promise to add 500,000 b/d to Irans crude oil output in less than three months and, in the recent OPEC conference, everyone admitted that the speed of Irans return to the market was astonishing and unbelievable."

He said the National Iranian South Oil Company (NISOC) can bring its output to 3 mbd and plans are underway for the company to do so.
The company is currently producing 2.9 mbd of crude oil in a sustainable manner.

Iran is currently producing 3.8 million barrels of crude oil on a daily basis.