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In 2019, USA crude oil production is expected to rise by 1 million barrels per day. Despite the global sell-off, oil markets are supported by concerns over the impact of US sanctions on Iranian crude exports, which kick in from November 4.

Global benchmark Brent crude fell by $3.33 a barrel, down 4.2 per cent, $76.50.

"The rise in oil prices has slowed down the economic growth of many consumer countries, hitting the global economy hard", Zangeneh added.

Highlighting Iran's "steady and stable supply of oil to customers", he stressed that no country has "the capacity to provide a replacement for the Iranian oil in the world's demanding market".

EIA's projection are higher than expectations from the CEO of BP, Bob Dudley, provided on October 10, just hours after Brent futures had hit a peak above $85 per barrel. This decline is similar to the drop in Iran's crude oil production that occurred when sanctions on Iran's Central Bank were imposed in 2012.

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.

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OPEC itself cut its oil demand growth estimates for 2018 and 2019 three times in as many consecutive months.

New US sanctions, targeting Iran's oil sector and banking, are to go into effect on November 4.

According to the EIA's report, USA crude oil refinery inputs averaged 16.3 million barrels per day during last week, which was 48,000 barrels per day less than the previous week's average. "Two of our oil companies have made nominations to purchase Iranian oil in November".

Brent crude extended losses from the lowest close in nearly two months as Saudi Arabia pledged to offset any supply shortfalls and USA stockpiles were said to have risen.

On the eve of Khaled al-falih said that the Kingdom has already increased production from 9.8 to 10.7 million barrels per day, and "soon" will come down to 11 million barrels daily, which intends to hold "steady" mode. The 13 nations who've been members of the group throughout the period pumped 32.4 million barrels a day last month, about 740,000 barrels a day less than the level in December 2016, according to data compiled by Bloomberg.

Gasoline stocks fell by 4.8 million barrels, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel drop.