Iran is ready to increase its crude oil exports by 500,000 barrels a day (bpd), the deputy oil minister said on Sunday.

The announcement came hours after international sanctions on Tehran were lifted, removing an obstacle to exports.

"With consideration to global market conditions and the surplus that exists, Iran is ready to raise its crude oil exports by 500,000 barrels a day," Deputy Oil Minister Amir Hossein Zamaninia was quoted as saying by the Shana news agency.