"The current price is simply unacceptable in comparison with other energy resources and expenses on oil production in general," Sanaei said in an interview with Rossiya-24 television.
On Wednesday, Brent oil futures with supply in March 2016 fell 2.99 percent to $27.9 a barrel on the London's ICE on expectations that Iran's return on oil markets after the lifting of Western sanctions on Tehran will worsen the current oil glut even further.
Sanaei also stated that Tehran will continue relying on the internal resources even after the lifting of international sanctions imposed on the country over its nuclear program controversy.
"Removal of sanctions, of course, is a great success for Iran, but Tehran cannot ignore the fact that it is necessary to rely on our own forces," he said.
The ambassador added that even under sanctions Iran continued its development due to the reliance on its own resources.
Iran and six world powers — Russia, the United States, China, France, Britain, and Germany — signed a nuclear deal last July. It guaranteed the peaceful nature of Iran's nuclear program in exchange for sanctions relief.
The United Nations, the European Union and partially the United States lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency verified on Saturday Tehran’s compliance with a nuclear agreement.
