Iran's oil minister said US President Donald Trump's maximum pressure policy on Tehran has failed, along with his goal of cutting Iran's oil exports to zero.

"The more they restrict us, the more complex our response will be," Mohsen Paknejad was quoted as saying on Sunday by state media. "The dream of cutting Iran's oil exports to zero is one they will never achieve."

His remarks came after Trump's directive on Tuesday restoring the so-called maximum pressure policy on Iran of his first term aimed at driving the Islamic Republic's oil exports to zero.

Experts say Trump's goal of eliminating Iran’s oil exports is particularly alarming for Tehran as it would eliminate nearly half of the government's revenues during a seven-year economic crisis.

Iran's President Masoud Pezeshkian downplayed the move on Wednesday, saying "They believe our economy depends entirely on oil and aim to block our exports, but there are many ways to counter their efforts."

However, oil is critical for Iran's economy, accounting for around 15% of Iran's GDP and employing around a third of the country's 25 million workers.

Under the Biden administration, Iran's oil revenues in fact surged, in spite of global sanctions.