The world’s largest oil producer, Saudi Arabia, says it is ready to churn out more oil if sanctions on Iran undermine the supply of the commodity.

Saudi Arabia’s Energy Minister Ali Al Naimi told CNN Monday that his country has the capacity to immediately increase oil production by two million barrels a day.

Naimi also stressed that the most ideal international oil price is 100 U.S. dollars per barrel.

The Saudi Arabian minister's remarks come one day after Iran warned that oil producers in the Gulf would not increase production if sanctions upset the balance between the supply and demand of oil.