A cut in Chinese purchases of U.S. oil may benefit Iran’s sales, which Washington is trying to curb with new sanctions it announced in May.

It is in that context that I have voiced publicly and on several occasions, that Iran is against high oil prices. My objection to high oil prices stems from a deeply held belief that high oil prices benefits neither the producers, nor the consumers in the medium and long-term.

Petroleum Minister Bijan Zangeneh said Organisation of Petroleum Exporting Countries (OPEC) is not an 'American association'.