United States will 'absolutely' sanction European companies that do business with Iran

"Thanks to the work of President Vladimir Putin with the King and Crown Prince of Saudi Arabia, relations are in a unique phase, and this gives a great boost to the budget".

Iran vowed Sunday to defeat USA efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the worldwide oil market.

"We're not granting waivers", the official said.

OPEC and non-OPEC countries said they would raise supply by returning to 100 percent compliance with previously agreed output cuts, after months of underproduction.

"Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way", First Vice President Eshaq Jahangiri told an economic event in Tehran broadcasted live on state television.

Oil prices rose last week on worries that USA sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases. It comes as Mr. Trump pulled the USA out of Tehran's nuclear deal with world powers in May.

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"The [Iranian] government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", Jahangiri said.

But since then sources familiar with Saudi oil thinking have briefed the market about an imminent rise in Saudi output to a record.

Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour.

Last week, OPEC countries and other major oil producers that participated in the 2016 Vienna deal agreed on increasing production to one million barrels per day, which is the volume of the countries' over-compliance with the agreement. Saudi Arabia now produces some 10 million barrels of crude oil a day.

Last week, US State Department officials announced that they are pushing nations to bring down purchases of Iranian oil to zero. "As we are all in agreement to depoliticize our efforts in the OPEC, we should not let others take politicized measures targeting OPEC's unity and independence".

"King Salman affirmed that the kingdom maintains a 2-million-barrel-per-day spare capacity, which it will prudently use if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality", the statement said.

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