TEHRAN (ISNA)- Iran’s crude and gas condensations rose by 14 percent from August 2014 to the end of the last Iranian calendar year (ended on March 20, 2014), said a report from Iranian Oil Ministry.

Early August, Iran’s Oil Minister Bijan Zangeneh said the country’s crude production capacity can further increase by above 1 million bpd within a month after all sanctions are lifted – what he said is expected to take place by the end of September.

“Some of the most effective sanctions (against Iran) with regards to the oil industry were those that targeted aspects such as sales, volumes, shipment, insurance and the transfer of money,” Zangeneh said.

“If those issues are resolved, Iran will regain the market share that it has lost which amounts to above one million barrels per day.”

The Iranian minister added that Tehran has informed OPEC about its determination to regain its lost market share, stressing that the country will require “nobody’s authorization to retrieve its rights”.

“The issue of oil prices is very complicated,” he said. “There is a strong political will (beyond Iran’s borders) that does not want the prices to rise.”

By ISNA