Still, Iran vowed on Sunday to defeat U.S. efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the worldwide oil market.
He explained that it was hard to anticipate how the market would integrate with a possible increase in crude oil output from major producers, referring to Saudi Arabia and Russian Federation.
Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market.
Hook declined to say if the kingdom can offer that additional supply, but the USA is "working to minimize disruptions to the global market", Hook said.
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United States markets were jolted Tuesday morning as Crude Oil made a large downturn after touching $75 a barrel, a price not seen in four years.
Iran's President Hassan Rouhani on Tuesday said it was "unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil". Earlier this year, to the chagrin of European partners, Trump said he would pull the United States out of the Iran nuclear agreement secured by world powers.
While the comments were ambiguous, Iranian officials in the past have threatened to block the Strait of Hormuz, a major oil shipping route, in retaliation for any hostile USA action.
He said in the Fox interview that European companies would face sanctions if they traded with Iran now.
"Our attempt is to defeat USA policies in the sale of oil and we are pretty sure we will sell our oil as much as we need", he added.
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Last week, a senior US State Department official described tightening the noose on Tehran as "one of our top national security priorities".
Oil prices rose strongly last week, with the USA crude contract hitting its highest in 3-1/2 years at $74.46.
"They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets", said Jahangiri. The International Energy Agency estimates OPEC's spare capacity could fall in to around 2.5 mbpd (excluding Iran) - by the first half of 2019, its lowest level since the end of 2016 when record production from the Middle East reduced spare capacity to around 1.9 million bpd.
Saudi Arabia now produces about 10 million barrels of oil per day.
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Saudi Arabia's official government press agency gave a more ambiguous description of the king's discussion with Trump. Saudi Arabia has a maximum sustainable capacity of 12 million bpd, but it has never tested that level of production.