Oil reserves are around 80 dollars while Saudi Arabia plans to increase its production

Falih said Saudi Arabia would soon increase production to 10 million barrels a day, up from 11.7 million barrels a day. He added that Riyadh had the capacity to increase production to 12 million bpd and that an OPEC ally of the Gulf, the United Arab Emirates, could add another 200,000 bpd.

"International pressure on Saudi leaders remains in place, as is the possibility of sanctions," Commerzbank said in a daily note.

US sanctions against the Iranian oil sector begin Nov. 4 and analysts estimate that supply could be 1.5 million bpd less.

"The big unknown is the amount of Iranian oil that will be out of market and we'll know it in about a month, and then we'll have a better idea of ​​what we can expect for the first quarter of next year." , said PVM Oil Associates' strategist Tamas Varga said.

OPEC agreed in June to strengthen supply to offset the expected disruption of Iranian exports.