Iran oil minister: Lifting of sanctions would allow return

Iran hopes to make a comeback on the oil markets after a possible removal of sanctions under Joe Biden's administration, said its oil minister on Friday.

Speaking at the opening of Iran's 25th International Exhibition on Oil, Gas, Refinery and Petrochemicals in Tehran, Bijan Namdar Zanganeh said Iran made it "a lifetime regret" for Donald Trump's administration to cut its crude exports to zero.

He claimed that the country's oil products exports have hit a record high during sanctions.

Since Trump pulled out of a landmark nuclear deal in 2018 unilaterally and imposed crippling sanctions on Iran's economy as well as its oil exports, the country's oil revenues have sharply plunged.

Iran relies on crude oil export revenues as the main source of its income.

"Trump, Pompeo and their criminal mentality died and went to the dustbin of history but we are still alive and continue to exist," said Zanganeh said before touring the expo that showcased Iran's achievements and capabilities in the oil and energy sector.

He expressed hope that when restrictions on Iranian crude exports are lifted, it can return to the market stronger than before.

Iran currently has the world's fourth-largest proven deposits of crude oil and the world's second-largest deposits of natural gas.