Russian Federation accepts need for oil cuts, bargains with Saudi on details

WTI oil price slides under $50 per barrel

Oil prices on both sides of the Atlantic reversed the Asian gains and fell sharply in the European trading this Thursday, with the United States oil (WTI) tracking the losses in its European peer, Brent. While US crude futures were hovering at $50.29 a barrel, global benchmark Brent crude ended at $58.76 a barrel on Wednesday.

US crude production C-OUT-T-EIA is at a record high of 11.7 million barrels per day (bpd).

Brent crude futures LCOc1 fell 64 cents on the day to $58.12 a barrel, off an earlier session high of $59.51, while US crude futures CLc1 dropped below $50 for the first time in over a year. Crude stockpiles at the Cushing, Oklahoma hub rose 771,924 barrels since November 23, traders said on Thursday, citing a weekly Genscape report.

But since reaching four-year highs in October, oil prices have plunged around 30 percent as worries about falling demand in a slowing world economy have taken their toll.

Saudi Arabia will not act alone to steady oil markets, Energy Minister Khalid Al-Falih told reporters in Abuja yesterday ahead of what will be a key week for the global oil market.

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Things will come to a head this weekend at the Group of 20 summit in Buenos Aires, a meeting that could shape the oil market in 2019 and affect everything from the war in Yemen to the share price of Exxon Mobil Vladimir Putin will also play a key role - Russian Federation and Saudi Arabia have spent the last two years working together to manage the oil market.

Oil prices edged lower on Friday due to concerns of oversupply but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation would agree some form of production cut next week.

Riyadh, however, has come under renewed pressure from US President Donald Trump, who asked the kingdom to refrain from output reductions and help to lower oil prices further.

Thanks to a flexible currency and a much lower fiscal break-even price than the Saudis, Putin said this week that oil at $60/bbl was "absolutely fine" for his country.

Future contracts of oil trade among countries in any given price also can affect the market.

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The organisation sets production volume to meet the demand for oil in negotiation with countries outside OPEC, such as the United States and Russian Federation.

Saudi Arabia faces a familiar but uncomfortable choice: cut production to defend prices or allow prices to fall to protect market share.

Responding to a question on whether Nigeria would seek exemption for crude oil production cap at the OPEC meeting, he said that it was too early to determine, adding that Nigeria would continue to work with OPEC.

USA crude inventories zoomed to 450 million barrels as of the week to November 23, exceeding expectations, the Energy Information Administration data showed on Wednesday.

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