U.S. Energy Secretary Ernest Moniz said on Sunday he believed the oil market would be able to cope with any further reduction of Iran's oil exports from the tightening of sanctions on Tehran over its nuclear program, Reuters reported.
Iranian crude exports are not now a "dominant player in the market", and there is increased production in the United States and in Iraq as well as substantial reserve capacity in some OPEC producers, Moniz said in an interview.
"So I would think that with further sanctions, the markets could be quite resilient to that," Moniz said while in Vienna to attend a nuclear security conference.