“It is why I am not so hopeful about solidarity and consensus over market regulation in this organization,” he added, “Nine members of OPEC are on one side and 4 others are on the other.”

“When we reached consensus in OPEC, it was because of good interaction and political ties between Iran and Saudi Arabia. Political ties are extremely influential in this organization. One cannot say that without political ties, an interaction can be secured,” he said.

Asked whether US companies can be trusted, he said, “The road is open for the presence of all companies to this industry. We do not see any impediment.”

The minister played down criticisms directed at the new oil and gas contract models substituting buy-back contracts saying they new ones had be drafted in a way to attract foreign investors.

“I have repeatedly told the foreign firms both directly and indirectly that they are not required to give commissions to anybody or any company and that if it is discovered, we will nullify the contract,” the minister said.

A follow-up conference will be held in London on February 22-24 after the IPC event in Tehran.