TEHRAN - The Islamic republic will do its best to make a strong return to the oil markets by boosting its exports, Iran's Oil Minister Bijan Namdar Zanganeh said Saturday.

"Despite challenges we are facing, Iran's oil exports will increase in the near future," Zanganeh was quoted as saying by Shana website affiliated to Iran's Oil Ministry.

"Production capacity and output are the primary factors boosting the power of countries in the world markets," he said, adding that Iran's oil production capacity must rise to 4.2 million barrels per day.

The minister said Iran's energy sector is open to any firm willing to invest in Iran's development projects.

"There is no limitation to that effect and we will open once more the country's market and potentials to win the investors and producers' cooperation in the new phase of the petroleum industry development," Zanganeh stated.

Last week, Zanganeh said his short-term plan included the return of Iran's oil back to the world markets, adding that “Revival of Iran's lost share in oil markets is among my top priority jobs."

Western sanctions over the country's controversial nuclear program have had a devastating effect on Iran's oil and gas industry.

Earlier this month, U.S. House of Representatives passed a bill to impose tougher sanctions on Iran. The bill offers a cut in Iran’s oil exports by 1 million barrels per day over a year.

Western sanctions have already reduced Iran's oil exports by half from about 2.2 million barrels per day (bpd) and the new U.S. bill will cut exports by a further 1 million barrels per day to near zero.

Zanganeh has acknowledged that Iran's oil industry "bears the brunt of sanctions" and the Islamic republic has to exercise "oil diplomacy" in order to go through the existing circumstances.

The United States and the West have slapped different kinds of sanctions on Iran's oil and gas exports and financial sectors over the country's sensitive nuclear activities, which Iran insists for civilian purpose.

Iran's new administration has vowed to take a "constructive approach" to resolve its controversial nuclear drive.

Hassan Rouhani, a moderate who won the presidential election on June 14, has pledged to tackle the country's nuclear stand-off with the West. However, Rouhani has emphasized he will not slacken on defending the country's "civilian" nuclear rights. (Xinhua)