Iran said oil exports 'acceptable' and revenues on the rise

Iranian Oil Minister Bijan Zanganeh said Monday oil exports from the Islamic republic were "acceptable" and revenue was on the rise.

Iran, under the terms of a November 2013 agreement with Western powers, secured relief from some of the sanctions targeting its energy sector in exchange for a pledge to cut back on its nuclear research activity. The U.S. Treasury Department in July extended that relief through November.

Iran can export around 1 million barrels of oil per day under the deal.

"Iran's oil exports are acceptable and growing currently, and revenues are higher than the previous estimates," the oil minister said.

The International Monetary Fund in April said inflation and unemployment are both high in the Iranian economy and the outlook was "highly uncertain." Constraints on oil revenues as a result of Western economic pressure means the Iranian economy is expected to continue contracting at least through the rest of this year, the bank said.

Zanganeh offered no specifics in terms of revenue in his latest remarks. His comments come as Tehran and members of the international community continue to discuss breaking a long-standing impasse over Iran's controversial nuclear program.

Last month, Tehran said oil production increased 11 percent in the four months since the March 21 start of the Iranian calendar year. This in turn helped to contribute to export earnings of around $7.9 billion.