TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said Iran would not accept any limitations on its oil output and will produce at its full capacity when the U.S. sanctions are removed, Shana reported.

Speaking to the press prior to the 177th meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Thursday, Zanganeh said he and his team would never forfeit the Iranian nation’s rights.

“In the future, those who are currently producing more will have to make more cuts; this is a matter of rights for our nation and our people, and I insist on it,” he said, adding “No one must expect Iran to reduce its output in the wake of eased sanctions in the future.”

Asked about the OPEC decision on extending or deepening the cuts, the officials said OPEC is currently emphasizing more on adherence and if all the OPEC and non-OPEC parties of the deal conform to their agreed levels of production and cuts, it would be good enough.

He further noted that Tehran supports the decision of the majority of the OPEC member states on output cuts.

He further mentioned a letter he wrote to OPEC Conference President Manuel Quevedo, saying “Yesterday, I wrote a letter to the conference president and asked him to inform other OPEC members that Iran has involuntarily reduced its output and produced less than its historical quota. Those who produce more oil must cut their output deeper.” 

Asked whether Iran is going to negotiate with the U.S., Zanganeh said we will negotiate if they remove all “oil and banking sanctions" against Iran.

He also mentioned Europe’s Instrument in Support of Trade Exchanges (INSTEX), saying “we can’t say anything positive has happened unless oil money is transferred through INSTEX.”

EF/MA