Speaking to reporters on Saturday, the official reacted to 16th JMMC’s talks for deeper output cuts in Abu Dhabi, saying, "Those who have disturbed the market shall fix it themselves."

"We have to test the waters in the market and assess its reaction," said Zangeneh in response to whether the oil market could be fixed by cutting 1.8 mbd of oil supply.

Asked whether CNPC International had officially withdrawn from South Pars Phase 11, he said it had not officially announced its withdrawal from the project but was not in the project in practice.

Regarding CNPCI’s deadline to announce its decision to stay in the contract, Zangeneh said: “We are still in talks with this company in order to peacefully resolve the matter.”

He said maximum production would be the Iranian Ministry of Petroleum’s policy in case sanctions are eased on Iran’s oil industry.

Asked about a $15-billion credit line for Iran to sell its oil as proposed by France to the US, he said the credit line would not reduce constraints for Iran’s oil exports and only a sum would be allocated for purchasing oil from Iran.

He denied rumors that China had earmarked $400 billion to be invested in Iranian industries within the next 25 years, saying, “I have not heard such a thing.”

Zangeneh said the 4th phase of the Persian Gulf Star Refinery was virtually operational and was undergoing its final stages. The plant’s current production capacity is 420,000 b/d and would reach 480,000 b/d by less than $100 million of investment. Phase 4 of the refinery is meant to enhance the main three phases’ output.