North Korea was condemned globally for its latest nuclear test on September 3, which it said was of an advanced hydrogen bomb.
"New Zealand, once again, joins the global community in calling on North Korea to abide by its worldwide obligations and turn away from its current course".
Apart from the oil and textile ban, the sanctions have also put a ceiling on the deliveries of refined oil products to Pyongyang and also limit crude oil shipments to the current level.
President Donald Trump said Tuesday new United Nations sanctions "are nothing compared to what ultimately will have to happen" to stop North Korea's nuclear march.
Britain and France - permanent veto-wielding Security Council members along with the US, China and Russian Federation - have given Washington their strong backing.
"The forthcoming measures to be taken by the DPRK (Democratic People's Republic of Korea) will cause the USA the greatest pain and suffering it had ever gone through in its entire history", the ministry said, using North Korea's official name.More news: Catholic Priest free after 16 months in terrorist captivity
The Democratic People's Republic of Korea (DPRK) is "ready to use a form of ultimate means", Han said without elaborating.
"We have been clear in close consultation with the Americans that oil has to be included as an element of sanctions", South Korean foreign minister Kang Kyung-Wha told reporters.
The U.S. also sought a travel ban and asset freeze on North Korean leader Kim Jong Un and four key officials, and an asset freeze on the country's national airline Air Koryo, the army, and five other military and party entities.
The proposed resolution would slap a ban on textile exports from North Korea, but drop demands for a full halt to payments of North Korea laborers working overseas.
Assistant Treasury Secretary Marshall Billingslea acknowledged at a House hearing that he had not seen sufficient evidence past sanctions were effective, but defended the administration's strategy. This summer, the USA targeted two Russian companies with penalties for supporting North Korean missile procurement.
China's official Xinhua news agency said in a commentary that the Trump administration was making a mistake by rejecting diplomatic engagement with North Korea.
After a meeting of the 28 European Union foreign ministers in Tallinn last week, Mogherini said work would begin on new measures against the North to add to the broad range of sanctions the bloc already has in place.
During negotiations on sanctions, Mnuchin warned that the US would come down hard on China if it did not meet USA demands on sanctions.