Russia Ready To Reduce Output, Oil Price Bounces Back

Падение цен на нефть стало рекордным за 10 лет

An OPEC advisory committee suggested a 1.3 million barrel-a-day cut from October levels, according to a delegate.

The confirmation about the effectiveness of the OPEC+ deal, which helped bolster oil prices after the slump that began in 2014, came as Putin said Saturday that Russian Federation and Saudi Arabia had agreed to renew the pact. "And whatever is the final figure, we agreed to monitor the market situation and react to it quickly".

Russian Federation could hold the key to production after Reuters, citing unnamed industry sources, reported Thursday that the oil powerhouse is increasingly convinced it needs to cut output, though it continues to bargain with Saudi Arabia over the specifics of any coordinated reduction ahead of a meeting of OPEC members and its allies next week.

Saudi Arabia said through its state-owned press agency that Riyadh and Moscow had held talks in Buenos Aires about "rebalancing" the oil market. "But the details are now what matter - how much will be cut, from when, for how long and, crucially, from what baselines".

"Their personal ties strengthened the probability of a new output-cut deal", he said.

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The global benchmark, Brent crude, steeply increased on the same day to $59.26 per barrel after closing at $58.12 last Wednesday.

Oil futures reached near four years in early October, only to drop to a more year plus lows in late last week - the price of the global marker, Brent crude fell from a peak settlement of $US86.29 a barrel on October 3 to $US58.76 on November 28.

Traders are now looking ahead to a weekend meeting of OPEC and key non-OPEC members in Vienna, where they will make an announcement on their cuts plans.

"It's a huge week not only for oil markets but capital markets in general", said Stephen Innes, head of Asia-Pacific trade at OANDA.

In public and private, Trump has told the Saudis he wants cheaper crude, even disclosing that he berated the crown prince in an October phone call when worldwide benchmark Brent surged above $80.

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The news is likely to see a jump in global oil prices today.

Oil closed out its worst month since the global financial crisis a decade ago as all eyes turned to this weekend's G20 summit for signs that Saudi Arabia and Russian Federation can head off a worldwide supply glut.

France's President Emmanuel Macron, who has faced intense protests against growing gasoline prices in his country, also called for cheaper oil at the G-20 summit.

US light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 0930 GMT. Despite pressure from angry senators and other Washington power players, the Trump administration has maintained its support for the Saudi leader.

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