Iran will increase its daily oil production by 20 percent, after international sanctions related to the country's nuclear program were lifted on Saturday.
Deputy Oil Minister Roknoddin Javadi said Iran will add 500,000 barrels a day to its current production of 2.8 million barrels a day.
Even with crude oil prices dipping to the lowest point in more than a decade, below $28 a barrel early Monday, Javadi said in a statement the country must increase its output.
"If Iran does not increase its oil production, neighboring countries may in the next six to 12 months increase their production and take up Iran's share," he said.