Iran rejected Turkey's demand for a price discount on the Islamic state's natural gas exports to its neighbour.

"The international crude market will experience turmoil in the absence of Iranian oil with unforeseen consequences on oil prices ... Iran surely cannot decrease its natural gas price (for Turkey) without legal authorisation," Rostam Qasemi told a news conference.

Iran's oil minister said that the Islamic state would certainly cut its oil exports to "some" European countries, the semi-official Fars news agency reported on Saturday.

"Our oil exports will certainly be cut to some European countries ... We will decide about other European countries later," Fars quoted Rostam Qasemi as telling a news conference.

Iran's oil minister called on the European Union to review its decision to impose sanctions on the Islamic state's oil exports and said that the international oil market was balanced.

"Unfortunately the EU has succumbed to America's pressure. I hope they would review their decision on sanctioning Iran's oil exports ... the oil market is balanced," Rostam Qasemi told a news conference.