Opec and its allies agreed on Thursday to keep current production cuts until further review in December, with the Kingdom of Saudi Arabia pledging to further strengthen its voluntary production adjustment to 9.890 million bpd in October.
Any US sanctions relief for Iran will not cause an oil market shock, Iraqi oil minister Thamir Ghadhban said late Wednesday, adding that he did not think an OPEC/non-OPEC committee will consider calling for deeper production cuts because of the potential return of Iranian barrels.
The Saudi minister's comments were also echoed by his Russian counterpart Alexander Novak, who said the alliance had demonstrated "the ability to react" to changing market conditions.
Brent settled at $62.38 a barrel, shedding 21 cents, while U.S. West Texas Intermediate (WTI) futures finished 45 cents, or 0.8 per cent, lower at $57.40 a barrel.
OPEC, Russia and other producers have since January 1 implemented a deal to cut output by 1.2 million bpd.
Separately, the U.S. Energy Information Administration said domestic gasoline stocks decreased less than expected last week while crude stocks fell to the lowest in almost a year.
Oil started its slide this week after U.S. President Donald was said to discuss moderating sanctions on Iran, with RBC Capital Markets estimating an easing of the standoff could bring back around 700,000 barrels a day of crude.
Fueling concerns Thursday, a report by the Paris-based International Energy Agency warned that growth continued to weaken amid "uncertainty around the global economy, and particularly trade".
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Halley said he was expecting a drawdown of 4.8 million barrels when official numbers are released by the Energy Information Administration (EIA) later on Wednesday.
Iraq and Nigeria, two of OPEC's members which were over-producing well above their OPEC targets, joined Prince Abdulaziz at the same news conference table after a joint committee meeting, known as the JMMC, to pledge swift production cuts.
Weekly U.S. crude production has surged to a record at 12.4 million bpd while a monthly report from the EIA forecast output to average 13.23 million bpd in 2020.
The OPEC report noted the cartel increased output by 136,000 barrels per day to more than 29.7mbd, primarily due to increased production by Saudi Arabia, according to secondary sources.
Also feeding the bearish sentiment, the International Energy Agency, which advises industrial economies on energy policy, said surging United States output would make balancing the market "daunting" in 2020.
At the meeting, OPEC commended Nigeria's unwavering commitment to the stability of the global oil market which spanned many years of its membership of the organization.
Oil is down about 15 percent from its peak in April as the prolonged US-China trade spat dents the outlook for global demand.