Iranian oil minister said on Thursday Tehran will not bow to pressure to avoid increasing its oil output following the lifting of sanctions despite slumping crude prices.

Iranian oil minister said on Thursday Tehran will not bow to pressure to avoid increasing its oil output following the lifting of sanctions despite slumping crude prices.

"We don't accept any discussion about the increase of Iranian production after lifting the sanctions,"  Minister Bijan Zanganeh told reporters on arrival in Vienna which is hosting Friday's meeting of OPEC.

"It's our right" to pump out more crude, he added.

Zanganeh said the aim was to first increase output by half a million barrels a day beginning early next year, eventually rising to one million barrels extra which will bring its daily total to around 3.8 million.

With oil prices continuing to drop, having already slumped by more than 60 percent in around 18 months, Iran is facing pressure from within the Organization of the Petroleum Exporting Countries and outside OPEC not to raise output.

"It's not acceptable, it's not fair," Zanganeh said Thursday. "It's not a matter of discussion with anyone to limit the level of production of Iran."
"We have no responsibility for the situation that is in the market," Zanganeh said.

"Iran has no responsibility in this (price) drop, this is the responsibility of the OPEC member producers and others who have produced more than the (OPEC) ceiling."

"It seems that the level of shale oil hasn't decreased but it hasn't increased significantly," said Zanganeh.

"But the OPEC member countries have lost so much money and it doesn't seem we can change the situation in the short term."