While U.S. sanctions on Iran which start on November 4 are expected to tighten supplies, other producers, notably top exporter Saudi Arabia, are already pumping more oil and willing to increase further if needed.
"I cannot give you a guarantee, because I cannot predict what will happen to other suppliers", Falih said when asked if the world can avoid oil prices hitting $100 per barrel again.
Brent crude, the global benchmark, has dropped nearly 10 percent from a four-year high of $86.29 a barrel on October 3 as Saudi Arabia and Russian Federation promised extra supplies and US stockpiles climbed.
However, Saudi Energy Minister Khalid al-Falih said on Monday the country has no intention of cutting back oil supply. Commenting on oil's price action, "Concerns about what's going on in the stock markets and the worries about economic growth has spilled over into the oil markets".
While Saudi Arabia is intent on making up for lost barrels, the outlook for demand next year is deteriorating.
"As far as next year's supply/demand balance is concerned, it's not justified for them (Saudi Arabia) to increase production", PVM Oil Associates strategist Tamas Varga said.
"Iran might be pushing the idea of Russian Federation selling their oil on the world market to evade sanctions", a senior administration official told The Financial Times.
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"Then we will continue with the mindset we have now, which is to meet any demand that materialises to ensure customers are satisfied", Falih said.
"We have sanctions on Iran, and nobody has a clue what Iranians' exports will be".
Saudi Arabia's energy minister has used public comments over the past week to tone down the kingdom's veiled threat to use oil as a political weapon to retaliate against possible sanctions related to the Khashoggi killing.
Speaking to Russia's TASS news agency about whether there could be a 1973-style oil embargo on the West, which saw petrol prices rocket after Saudi Arabia slapped countries including the U.S. with a ban, Mr Falih said: "There is no intention". "As I have said many times, there is no replacement for Iranian oil in the market", he said.
Falih, who noted that there is a large increase in the investment of shale oil production by the U.S., said there will always be producers who work to prevent oil prices' fluctuation that threatens the markets.
Distillate inventories were down this week by 2.4 million barrels, compared to a larger expected draw of 1.927 million barrels.
In the USA, crude stockpiles probably increased by 3 million barrels last week, according to a Bloomberg survey before a government report due Wednesday.