FRANKFURT, Germany: The International Energy Agency (IEA) says global oil supplies are growing rapidly as Saudi Arabia, the United States and Russia pump oil at a record rate in response to the higher prices stoked by renewed US sanctions on Iran.

Producers heeded warnings that US sanctions could mean loss of Iranian oil to the market and thus lead to higher prices. But although President Donald Trump imposed sanctions November 5, he issued six-month waivers for some of Iran's biggest oil customers. That helped send prices lower.

The IEA said Wednesday in its monthly report that October output rose by 2.6 million barrels a day to 100.7 million barrels, helping send prices for Brent crude sharply lower to around $70 per barrel from a four-year high above $86 per barrel in early October.