Iran to boost oil exports after sanctions are lifted

He reiterated that Iran's oil exports will double during the post sanction era, adding "countries who increased their production in the absence of Iran should be anxious about falling oil prices".

"The drop in prices won't be a concern for us", Zanganeh said.

Iran won't negotiate with OPEC or seek the group's permission before boosting oil exports by a planned 500,000 barrels a day once sanctions are removed from the nation's economy.

"We have no worries about selling the 500,000".

Global sanctions on Iran's oil industry were tightened in 2012 over its controversial nuclear program.

"According to our plans, in the next two and a half years the country's gas production will increase to more than 1,000 million cubic metres a day", Zanganeh was quoted as saying by the Oil Ministry's news agency Shana.

Iran will host a meeting of the Gas Exporting Countries Forum (GECF) on Saturday, which will include major producers such as Russian Federation, Qatar and Algeria.

Under the agreement reached in July with the USA, Britain, France, Germany, Russian Federation and China, Iran will curb its nuclear activities in exchange for the lifting of sanctions.

Global oil prices moved modestly higher Wednesday as traders weighed a small gain in United States inventories and a Federal Reserve report that supported expectations of a December interest rate hike.

Zaganeh said Iran hopes to become a regional gas hub and export to its neighbors.

Iran has started negotiations to buy equity stake in India's Essar Refinery, with similar talks also held with European, South American and Asian companies, Deputy Petroleum Minister Abbas Kazemi says.

Zangeneh's remarks echoed his previous comments in early September when he said the Islamic Republic is determined to reclaim its share in global oil markets once sanctions imposed on the country's energy sector are lifted.