Code: 639795 A

Iran has vowed to thwart US efforts to block its oil exports by allowing private companies to export crude oil.

Eshaq Jahangiri, Iran's first vice president, also warned rival OPEC producer Saudi Arabia that it would never take Tehran's "place" on the international oil market.

"We will surely do something to thwart the US rallying cry that Iranian oil [exports] must be stemmed," Jahangiri said in a speech during an economic event broadcast on state television.

"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 added.

Iran is looking at ways to keep exporting oil after US President Donald Trump's administration threatened to impose sanctions on Iran's business partners if they do not cut Iranian oil imports to "zero" by November 4, in an attempt to further isolate Tehran politically and economically.

India, the biggest buyer of Iranian oil after China, already asked refiners on Thursday to prepare for a "drastic reduction or zero" of Iranian oil imports in order to protect its exposure to the US financial system.

"Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way," Jahangiri said at the event.

"We want to defeat America's efforts ... to stop Iran's oil exports.

"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products," Jahangiri said.

Iran has an oil and petrochemicals bourse as part of its mercantile exchange.

Referring to reports that Saudi Arabia may increase its oil exports to replace Iranian oil in world markets, Jahangiri said: "Anyone trying to take away Iran's oil market [share] would be committing great treachery against Iran and will one day pay for it."

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