“Despite pressures by the West to prevent sales of Iranian crude oil, [Iran] is currently producing oil at maximum capacity,” Rostam Ghasemi told reporters on the sidelines of an energy conference in the United Arab Emirates on Tuesday.
Ghasemi noted that “oil is a trade matter for Iran, not a political matter. When oil prices rise, it benefits only some countries. We do not want oil prices to rise and a reasonable price should be set for it.”
The minister also denied reports that Iran's oil output has fallen to about 2.7 million bpd, stressing that the country is still producing around 4 million bpd of crude oil.
Official statistics published by the Organization of Petroleum Exporting Countries (OPEC) show that Iran's oil output stood at 3.75 million bpd in August, while secondary sources claimed that the actual figure for Iran's oil production hit 2.72 million bpd.
Under pressure from the United States, the EU foreign ministers approved new sanctions against Iran's oil and financial sectors last January.
The sanctions, which prevent EU member states from purchasing Iran's oil or extending insurance coverage to tankers carrying Iranian crude, came into effect on July 1.
On August 1, the US Congress approved more illegal embargoes against Tehran, which seek to punish banks, insurance companies and shippers that help Tehran sell its oil.
The US-led bans are meant to pressure the Islamic Republic over its nuclear energy program, which Washington, Israel and some of their allies claim to include a military aspect.
Iran refutes such allegations, arguing that as a committed signatory to the nuclear Non Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.
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