TEHRAN, Jan. 20 (UPI) -- With sanctions pressures easing, the onus to address economic concerns in the depressed oil market is on Tehran, the country's ruling cleric said.
Iran is opening its economic doors to potential investors after so-called Implementation Day passed during the weekend. The Central Bank of Iran said it could now work with European partners after bank restrictions were lifted after the country met the terms outlined in a multi-lateral nuclear agreement reached in July.
"I have said both in this government and in the past administrations that 20-40 percent of the economic problems in Iran may be related to sanctions, the rest is related to us," he said. "We must act correctly."
Iran is the second largest economy in the region, though progress has been hampered by sanctions. Iran's economy emerged from recession in early 2015 and aims to develop an economy under President Hassan Rouhani that's less dependent on oil.
"To overcome economic problems, planning and good management are needed," the supreme leader said.
Analysis this week from the U.S. Energy Information Administration found sanctions relief will lead to an increase in Iranian crude oil production and exports. Holding steady at around 2.8 million barrels per day under sanctions, Iran's output should increase about 10 percent for the year.
As of 2015, Iran's crude oil production represented about 9 percent of the total output from the Organization of Petroleum Exporting Countries.