His comments come just one day after the country's foreign minister said US sanctions will have "severe consequences".
India, which is Iran's second-largest customer for oil, has said it can not immediately replace its Iranian imports and is seeking a waiver, while Turkey has also sought an exemption from the U.S. Treasury Department.
On the one hand, it's unclear how much Iranian oil will really be removed from the market, considering that Iran has already started to switch off transponders on board of some of its cargoes, although ship-tracking data on the tankers that can be tracked shows that Iranian oil exports are falling, but not as steeply as the market and analysts were expecting just a month or two ago.
Washington's sanctions targeting Iran's crude oil exports will come into force on November 4.
On the other hand, it's unclear whether the United States would grant any waivers, with U.S. Administration officials giving mixed signals.
This would mean 1.25 million tonnes a month up to March 2019, the same as companies ordered for October and November, the source said.
That will offset the decline in Iranian exports that could tighten supply.
Three of Iran's five largest buyers of crude - China, India and Turkey - have resisted calls by Washington to end their oil purchases outright.
According to sources, Indian oil firms will have to reduce their imports significantly as a condition of the waiver.
The Indian side, while building its case for a waiver, assured the USA that this payment mechanism ensures Iran can't use oil money from India for any terror-related activity, a key American concern.
"Our goal remains to get to zero oil purchases from Iran as quickly as possible".
"In theory, we could have been in a bullish market because of sanctions against Iran". But we are prepared to work with countries that are reducing their imports on a case-by-case basis.
The United States is now in a race with Russian Federation as top producer.
In a presidential memorandum late on October 31, Trump said he determined there was sufficient supply of petroleum and petroleum products in the global market to cushion the impact of a cut in purchases of Iranian oil.
With Saudi Arabia pumping out 10.65 million bpd so far in October, combined output from the top three oil producers is now higher than ever, at 33.41 million bpd, meaning that Russian Federation, the United States and Saudi Arabia alone meet more than a third of the world's nearly 100 million bpd of crude oil consumption.
Clayton Allen of Height Securities said Iran's biggest oil customers, all in Asia, were seeking waivers to U.S. sanctions against Iran's petroleum exports.
Iran was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but Western sanctions over its suspected nuclear programme relegated it to the seventh spot in the subsequent years.