Iran will ramp up crude oil production and reclaim its lost share of exports shortly after international sanctions on the Opec member are lifted, Iran's Oil Minister Bijan Zanganeh said on Tuesday.

"After lifting sanctions, Iran will take back the market share of more than 1 million barrels a day that it lost," Zanganeh was quoted as saying by Shana, the oil ministry's news agency.

"To this end, in the first days after sanctions are lifted 500,000 barrels a day will be added to Iran's production, and in a short time after that a further 500,000 barrels a day will be added."

Zanganeh also said Iran's oil exports had increased by 15 per cent in the first four months of the current Iranian year, which starts around March 20, compared to the same period last year.

He said oil prices are set by the market and Iran should sell its oil regardless of the price. "We should sell our oil whether the price falls or goes to $100 (a barrel). Even though we would like to sell our oil more expensively, the price is determined by the market," Zanganeh was quoted as saying by Shana, the oil ministry's news agency.

Brent was trading above $43 a barrel on Tuesday.  - Reuters