"I cannot give you a guarantee, because I cannot predict what will happen to other suppliers", the minister said, when asked if the world can avoid oil prices hitting $100 per barrel again.
Saudi Arabia is ready to raise its output to 11 million barrels a day "in the near future" and has the ability to lift production as high as 12 million barrels a day if the market requires it, Al-Falih said.
Mr Falih said: "My role as the energy minister is to implement my government's constructive and responsible role and stabilising the world's energy markets accordingly, contributing to global economic development". Reports that Saudi Arabia has the ability to ramp up production "is generally negative". Saudi Arabia said last week it would retaliate against any punishment for the killing.
Oil fell to the lowest level since August after Saudi Arabia pledged to meet any supply shortfall that materializes from Iranian sanctions and as tumbling equities weakened sentiment.
Brent crude, the global benchmark, was down $1.28 to $75.16 a barrel at 0855 GMT.
USA sanctions on Iran's oil sector start on Nov 4 and analysts believe anything up to 1.5 million bpd in supply could be at risk.
In an effort to maintain stable supplies to the crude market, Al-Falih said he hopes the Organization of Petroleum Exporting Countries and its non-OPEC oil partners will sign an "open-ended" agreement in December.
The killing of journalist and US resident Jamal Khashoggi by Saudi agents has stirred calls for USA sanctions on the kingdom.
There are limits to the kingdom's ability to respond, Al-Falih said.
Meanwhile, Iran's oil minister Bijan Zanganeh has said that Saudi Arabia and Russian Federation can not replace Iran' oil as the production capacity of the two countries has reached its peak.
Meanwhile, Russia's oil production is now 150,000 bpd higher than the October 2016 level, the baseline for the global oil production deal, TASS news agency quoted Energy Minister Alexander Novak as saying.
However, US crude oil production has climbed by nearly a third since mid-2016, and the rising output could help to offset the loss of exports from Iran.
"Oil prices fell substantially.as Saudi Arabia released assurances it could supply more to the global market", Australia's Rivkin Securities said.
Crude oil inventories in the United States added 6.3 million barrels in the week to October 19, the EIA said, after a build of 6.5 million barrels a week earlier.
Distillate inventories were down this week by 2.4 million barrels, compared to a larger expected draw of 1.927 million barrels.