Khalid al-Falih, the energy minister of the kingdom, said it will continue to be responsible and help keep oil markets stable.
Saudi Arabia has not only called the end of Russia's prominence as a global oil behemoth, but anticipates that Russia's oil exports "will have declined heavily if not disappeared" within the next 19 years, Mohammed bin Salman said in a recent interview with Bloomberg.
The Schork Report Founder Stephen Schork discusses why low oil prices aren't necessarily good for the economy and how high prices are a reflection of a strong economy.
Brent crude was down 50 cents a barrel at $80.28 by 1320 GMT.
The oil exchange is a mechanism that attempts to sidestep the USA sanctions, which are being reimposed following the US withdrawal from the nuclear deal, by allowing private companies to buy the crude at auction in Tehran and then resell it privately on the open market. And we have seen sanctions on Iran.
"We are seeing a well-supplied and balanced oil market right now".
Barkindo said India's crude oil demand was expected to rise by 5.8 million barrels a day (bpd) by 2040, accounting for around 40 per cent of the global demand rise by then.
Trump has urged the Organization of the Petroleum Exporting Countries to raise output to help cover a shortfall due to new US sanctions on Iran.
The United States plans to impose new sanctions targeting Iran's oil sector on November 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme.
In the first two weeks of October, Iran exported 1.33 million barrels per day (bpd) of crude to countries including India, China and Turkey, according to Refinitiv Eikon data.
India is the world's third biggest oil consumer and importer. The two state-backed oil producers are taking a 50% stake in the project, which is expected to produce 1.2 million barrels per day, while the other half will be owned by a consortium of Indian refiners such as International Olympic Committee and BPCL.
But Jahangiri's remarks are indirect acknowledgment that Iran's oil exports have been effectively cut in half from a peak of about 2.5 million barrels a day in April as customers fled in anticipation of the USA sanctions.
Tension over the disappearance of a Saudi Arabian journalist Jamal Khashoggi in Turkey also remain.
"America thinks Saudi Arabia can replace this oil".