Iran might change its approach to the way it treats its nuclear deal with the west if Tehran is not able to sell its oil, says the Speaker of Iran's parliament Ali Larijani.

Speaking to reporters during a visit to Bojnourd in northern Khorasan Province on Wednesday June 12, Larijani said, "The situation will change if Iran cannot sell oil," however, he did not elaborate on what precisely Iran will do.

He added that in order for the European financial mechanism to help Iran with its oil export and international banking (INSTEX) to become operational, Iran must be able to sell oil.

Recent estimates indicate Iran's oil export has fallen bellow 400,000 barrels per day as a result of U.S. sanctions.

On May 8, Iran suspended some of its voluntary practices under the 2015 nuclear deal with the West and gave Europe 60 days to meet its promise of facilitating international banking for Iran regardless of U.S. sanctions.

Iran said at the time, that it will no longer observe limitations on Uranium enrichment and modernization of its heavy water reactor if INSTEX does not become operational within 60 days.

On Monday, visiting German Foreign Minister Heiko Mass once again ruled out Iran's ultimatum, but said Europe will try to save Iran's interest under the nuclear deal (JCPOA), however, "Iran should not expect a miracle," he said.