The head of the National Iranian Oil Company (NIOC) said Friday that Iran is fully prepared and ready to supply oil the world market needs and stabilize the prices, the official news agency IRNA reported.

The Iranian government has made every effort to regain and increase the country's oil share globally, Mohsen Khojasteh Mehr, the CEO of NIOC, told IRNA.

"Necessary measures are being taken for the sanctions and post-sanctions time" for Iran to return to the world market, he was quoted as saying.

Iran's position in supplying the world with oil is special, he said, adding that European refiners are confident that the Islamic republic is a sustainable supplier.

"At the NIOC, we are ready to meet the needs of the European companies, along with other companies," Mehr said.

Iran's oil industry and its exports have been under U.S. unilateral sanctions since 2018, when the former U.S. President Donald Trump withdrew Washington from the 2015 Iran nuclear deal and reinstated sanctions against the country.

(With input from Xinhua)