The political transition in Washington has raised hopes of the revival of Iran's fledgeling oil industry hit hard by the US sanctions.

Axar.az reports citing foreign media that Iran's Oil Minister Bijan Zanganeh on Friday said the country will return to the global oil market "stronger than before" if the sanctions are eased by the new US administration.

Speaking on the sidelines of an international oil exhibition in Tehran, Zanganeh said the oil exports "sharply increased" in recent months despite the previous US administration trying to bring it to zero.

He further said the export of refined petrochemical products "hit the record high" over the past few years.