The private sector in Iran was allowed to export crude oil in a bid to thwart US sanctions, Iran's first Vice President said here on Sunday.

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Washington aims to cut Iran's oil sales, First Vice President Es'haq Jahangiri said, adding that this is an impossible measure, Xinhua reported.

"Such measures are taken as a psychological war against the country," Jahangiri made the remarks at a conference held to mark National Day of Industry and Mine in the capital Tehran.

He warned against any move in the crude market by any country to replace Iran's share, saying that those who intend to do so will betray Iran and will be punished someday.

US President Donald Trump has urged Saudi Arabia to increase its oil output amidst the US upcoming sanctions against the energy sector of Tehran.

"Iran will offer its oil in the stock market, and the private sector can transparently buy and sell the crude through this market," Jahangiri added.