Iran’s Oil Minister, Bijan Zangeneh, has downplayed fears that the return of Iranian crude will further dampen oil prices, saying confidently that “we have vaccinated the market against this issue,” reported Press TV.

Zangeneh explained that “the return of the Iranian oil might lead to a drop in prices by a few dozen cents or a dollar but this cannot make a case for Iran not to increase its production.”

“This level of increase in oil production by Iran has been currently taken into account in the global market because it is quite some time that Iran has announced this issue and the market has factored the increase in its calculations, especially in its futures,” he said.

“Moreover, the international affairs department of the National Iranian Oil Company is looking for markets for post-sanction sales of crude and is also making necessary planning for oil storage,” Zangeneh said.

According to Trade Arabia the target figure is to add 500,000 b/d to Iranian output as sanctions are lifted in early 2016 and then by one million b/d in March.

“We ask them to respect the 30-million-barrel ceiling which they have agreed,” Bijan Zanganeh was quoted as saying by Shana, the ministry’s news agency. “Iran is prepared to supply at least 500,000 bpd of crude oil to global markets,” he added.

The Iranian oil minister said Asian markets would be Iran’s priority, adding, “If we cannot sell our oil in Asia, Tehran will also consider European and South African markets.”