Oil production from OPEC nations dipped in November, as a sharp drop in Iranian supplies offset a surge in Saudi output to all-time highs.

The group's latest monthly report comes just days after the 15-member organization reached a deal with 10 exporter nations, including Russia, to remove 1.2 million barrels per day from the market. OPEC alone will slash output by 800,000 bpd.

The decision follows a plunge in oil prices since the start of October, in part due to projections that the oil market will be oversupplied next year. Slowing economic growth and financial strain in key oil-consuming nations are also raising concerns about energy demand in 2019.

"After a healthy start to the year, the world economy in 2018 was marked by a rising divergence in growth trends," OPEC warned in a statement.

"Rising trade tensions, monetary tightening and geopolitical challenges are among the issues that skew economic risks even further to the downside in 2019."