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By Nigar Abbasova

The Iranian administration has managed to revive crude oil and condensate export, leading it to the pre-sanctions level, the Islamic Republic President Hassan Rouhani said, Trend reported.

Years of sanctions that have profoundly affected Iran's energy sector, restrained its production and export of oil and gas.

Iranian Vice President Eshaq Jahangiri earlier said that the country has managed to regain its pre-sanctions share of the global oil market exporting 2.5 million barrels per day (mbd).

“Iran has managed to increase oil production that had been suspended as a result of the sanctions and take back the country's former share of the market,” Jahangiri said.

The vice president stressed that some oil producers, particularly in the Persian Gulf, have faced “enormous” problems due to plunging crude prices.

Western sanctions limited Iran's crude exports to one million barrel per day and barred foreign investment into the country’s oil sector. Iran's government says daily crude production has now reached 3.8 million barrels.

Meanwhile, Iran’s Oil Minister Bijan Zanganeh recently said that the country seeks to achieve its pre-sanctions share on the crude market. Iran expressed its willingness to cooperate with other producers to stabilize oil market, but underlined that it expected others to respect its individual rights.

"Iran had no role in disrupting the stability of the oil market and after the (lifting of) sanctions we seek to revive our share in the global crude market," Shana quoted him as saying.

Before sanctions were introduced in 2012, Iran was producing over 4 million barrels of oil per day. When those sanctions were lifted in early 2016, production in the country went from 2.8 mbd up to 3.5 mbd.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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