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LONDON — OPEC on Wednesday said it replaced a drop in Iranian exports as U.S. sanctions resumed and lowered the 2019 forecast of demand for its crude, underlining its challenge to prevent a glut building even after last week's decision to trim output.
In a monthly report, OPEC said its oil output fell by only 11,000 barrels per day, month on month, to 32.97 million bpd in November, despite President Donald Trump's reimposition of sanctions on Iran, as Saudi Arabia pumped at a record rate.
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