Novak: Russia can increase oil output, but sanctions may cause further price rises

US sanctions on Iran may cause oil prices to rise further, Russian energy minister Alexander Novak warned Wednesday, even as he said his country was prepared to increase its production if the market sees a supply crunch, S&P Global Platts reported.

"There is potential for oil price growth," Novak said at the Russia Energy Week conference in Moscow, adding that the sanctions are causing "major uncertainty for the markets."