“Mexico has expressed readiness to cooperate with OPEC if the organization becomes involved in oil market management,” he told Shana following a meeting with visiting Mexican Secretary of Labor and Social Welfare Alfonso Navarrete Prida in Tehran.

Last week, Zangeneh said Tehran in cooperation with other members of the Organization of Oil Producing Countries (OPEC) is following up on decisions to bring balance back to global oil markets aiming at 70 to 80 dollars per barrel.

He also said Iran is ready to increase its oil production by 500 thousand barrels a day soon after sanctions are lifted and add boost it to 1 million barrels within six months to return to pre-sanctions production.

Zangeneh has said massive investments of $30 billion will be made in South Pars gas field’s incremental phases in two years to catch up with Iran’s untapped quota of one billion cubic meters which is partly being used by the neighboring Qatar.

To a question on Iran’s oil cooperation with Mexico, Zangeneh said that oil industries in both countries have similarities and that Mexican firms have good experience in deep-water operation.

“We are interested to revitalize ties with Mexican firms. Prior to the sanctions, there was no contract with them, but there were MoUs in the field of exploration, communication and technology,” he added.

When asked about how much he was optimistic about outcome of negotiations with foreign countries, the minister said, “It is our duty to negotiate under the current conditions and hoe that they will bear fruit. Negotiations on development of oil reserves take time, but in other areas such as oil production, operation can start as soon as sanctions are lifted.”

Releasing of Iran’s confiscated equipment and blocked cash as well as cooperation between established domestic and foreign companies are on the agenda of talks with foreign delegations, the minister said.

“A major issue discussed with foreign firms focuses on cooperation with Iran’s private sector for manufacturing of oil industry equipment,” Zangeneh said.

Mexico has welcomed cooperation with Iran in various fields of the oil industry, suggesting energy optimization as one of areas of bilateral cooperation in the post-sanctions period.

“In the meeting with Iranian oil minister, we talked about preparing the ground for negotiations between Iranian and Mexican oil officials after sanctions are lifted,” Navarette told Shana following talks with Zangeneh.