Iran has warned Western powers against sanctions on the Islamic Republic, saying any stop in Tehran's crude exports could lead to price hikes, Press TV reported.
"Iran is one of the world's major oil producers and any cut in Iran's supply of crude will, undoubtedly, cause prices to surge," Mehr news agency quoted Oil Minister Masoud Mirkazemi as saying on Tuesday.
The comments came as major powers threaten Tehran with further sanctions, including a fuel embargo, over its nuclear activities.
Last week, the International Atomic Energy Agency (IAEA) passed a resolution, backed by the United States, Germany, France, Britain, Russia and China, urging Iran to stop all construction work at its new enrichment plant, Fordo.
Mirkazemi said that imposing an embargo on Iran - the world's fifth largest crude producer - would not harm the country's oil industry.
Iran has the world's second and third largest gas and oil reserves respectively.
He also called on members of the Organization of the Petroleum Exporting Countries (OPEC) not to increase their oil output during their December 22 meeting.
"We should exert effort to reach price stability in the market," he said, adding that "These days the situation is not right to raise output."
The minister also noted that Iran plans to attract a total of $35 billion investment annually in its energy sector over the next five years.
"For the next five years' development plan, the target is at least $35 billion per year, both in foreign and local investment, for the upstream section of the oil and gas industry."
Mirkazemi also rejected a report that Iran has granted Turkey with a right to sell its natural gas to other countries.
Earlier, a report suggested that Turkey intends to acquire 50 percent of Iran's gas marketing rights.
"Iran's policy is to sell its gas directly to the final consumers," he said.