Oil prices remained close to their lowest levels in more than two months as Saudi Arabia pledged to compensate for any supply shortfalls and investors avoided high-risk assets.
Saudi Energy Minister Khalid Al-Faleh said that OPEC and its allies are in a "produce as much as you can mode" at the moment.
Oil prices fell about 13% after reaching their highest level in four years earlier this month as crude oil inventories continued to grow in the United States at a time when a continuing trade dispute between China and the United States threatens to hurt global growth that supports energy demand.
US crude fell to its lowest level since August 21 at $ 65.72 a barrel, while Brent crude fell to its lowest level since August 24 at $ 75.09 a barrel.
"Saudi Arabia can increase its crude oil production to 10.7 million barrels per day near the highest level ever to compensate for the declines from Venezuela and Iran," Saudi Energy Minister Khalid al-Faleh said in a conference in Riyadh.
