Iranian oil minister says U.S sanctions cannot stop oil exports

The United States cannot stop Iran's oil exports by imposing sanctions on Tehran, Iran's oil minister said on Tuesday, warning that such restrictions would ensure market stability.

Washington plans to introduce new sanctions against Iran's oil sector from 4 November in order to stop the country's participation in the military conflicts in Syria and Iraq and bring Tehran to the negotiating table on its ballistic missile program.

"As long as America has targeted sanctions on Iran, one of the largest oil producers, volatility in the oil market will continue," said Iranian oil minister. "The export of Iranian oil cannot be stopped".

US Treasury Secretary Mnuchin, in an interview with Reuters on Sunday, dismissed concerns that oil prices might rise, saying that the market had already taken into account the supply cut.

Iran's regional rival, US ally Saudi Arabia, says that Riyadh has the potential to increase black gold production to 12 million barrels per day from the current 10.7 million barrels per day.

The Organization of Petroleum Exporting Countries, of which Saudi Arabia and Iran are members, agreed to increase supplies in June to compensate for the expected disruption of supplies from Iran.