The effects of the sanctions are expected to increase in the first few months of implementation, and in 2019, Iran's average crude oil production is projected to decline by 1 million barrels per day from its April level of 3.8 million barrels per day.
Saudi Arabia said on Thursday the oil market could be shifting towards oversupply in the fourth quarter of the year as oil inventories rise and demand slows, and the top oil exporter will "mirror" such changes in its production.
Brent crude LCOc1 settled at $76.17 a barrel, down 27 cents, or 0.4 percent.
Crude oil and condensate exports are a significant source of revenue for Iran, with net oil export revenues estimated at $55 billion in 2017.
This month however, the price of crude oil has been on a free fall that started on October 10. To get waivers, he said buyers would be required to cut oil imports from Iran by more than the 20% demanded during the Obama administration.
Trade wars, weakening emerging markets and currencies, and the strengthening US dollar began to overshadow market fears that OPEC leader Saudi Arabia, non-OPEC leader Russian Federation, and their partners in the production cut deal may not be able to offset the loss of Iranian barrels and continuously falling production in Venezuela.
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According to Khalid Al-Falih, Russia and Saudi Arabia have agreed to extend the agreement to preserve oil market stability.
Warning that such restrictions will affect the market's stability, Zanganeh said, as long as the U.S. targets Iran with sanctions, the volatility in the oil market will continue.
Oil prices rose above $80 a barrel, two weeks before U.S. sanctions, that might stop Iran's oil supplies, enter into effect.
"My role as the energy minister is to implement my government's constructive and responsible role and stabilizing the world's energy markets accordingly, contributing to the global economic development", explained Falih.
The minister also said that if oil supply continues to build up, "we will have the mechanism to reconvene ... and bring supply and demand in balance and to prevent inventories from growing". Meanwhile, Russia suggested its current output is higher than in September. Over the past four weeks, crude oil imports averaged about 7.7 million barrels per day, 0.7 percent more than the same four-week period a year ago.
According to the forecast of analysts surveyed by Bloomberg, last week the process continued: stocks rose 3 million barrels.