Iran's oil minister says his country will be able to increase its crude oil output almost immediately after international sanctions are lifted under the new nuclear accord signed last month.
Bijan Zanganeh says Iran wants to reclaim its reputation as a leader in the global crude oil market.
"We predict that by late November or early December we can see all the sanctions lifted, God willing. The first thing to do will be to reclaim the markets and the market share we lost which amounted to one million barrels per day as far as crude oil was concerned."
Zanganeh says they believe they can increase production significantly once the sanctions end.
Reports are suggesting oil producers such as BP and Shell have expressed interest in developing Iran's reserves once the sanctions are removed.
Iran is home to the world's fourth-largest oil reserves and had the second-biggest output in OPEC before U.S.-led sanctions began July 2012.
It's still the third-largest producer in OPEC, with an estimated daily output of 2.8 million barrels in July.
