Putin says Russian Federation 'satisfied' with oil at $60

Saudi Arabia's Crown Prince Mohammed bin Salman arrives in Buenos Aires

One of the world's major oil contracts, New York's WTI, slumped under $50 per barrel on Thursday, reaching the lowest level in almost 14 months.

While Saudi Arabia and its Energy Minister Khalid al-Falih have been airing the idea of a new production cut, Russian Federation has been less convinced that it could take part in another reduction, or at least so it lets the market to believe.

Saudi Arabia dampened hopes of production cuts by OPEC and its allies by saying on Wednesday that it would not act alone and Nigeria stopped short of committing to a new push to curb supplies.

The price of crude oil went down sharply from 10 in the morning, down more than a dollar.

In November 2014, Saudi Arabia chose to maintain production and allow prices to fall, which temporarily halted the USA shale boom but wrecked the kingdom's finances and pushed its economy into recession. Traders remain uncertain about whether the OPEC and non-OPEC producers like Russian Federation will agree to curb output at their Vienna gatherings next week. The more-active February contract added 74 cents to $59.84 a barrel.

The kingdom can ill-afford another slump in oil revenues so soon after the last one, which suggests it will have to cut production, while trying to cajole other OPEC and non-OPEC countries to share the burden. This indicates at a possible trench being created by the oil marketing companies to form a buffer in case the oil prices increase again.

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While speaking at the Abuja headquarters of the Federal Ministry of Petroleum Resources, Kachikwu made known that Nigeria was now tapping from the vast experience of Saudi Arabia.

America, with OPEC and Russian Federation, seems to be working towards keeping oil in the $50 range globally, which means we can expect the local prices to stay at the current levels at least for some time. They've been exempt from the group's cuts agreement and are unlikely to welcome a decision to include them in any new cuts, Petromatrix's Jakob said. "However, we might see some movement on global trade issues at the G20 meeting which starts on Friday", said Michael McCarthy, chief strategist at CMC Markets and Stockbroking.

Saudi Crown Prince Mohammed bin Salman, a key Trump administration ally, wants prices at $80 or more for his economic reforms. And if trade tensions between the United States and China depress global growth, oil prices could slide anew.

By August 2018, Saudi Arabia's production was up by 630,000 barrels per day compared with June 2014 and Russia's output had climbed by 525,000 bpd.

Saudi Arabia benefits by drilling the cheapest oil in the world because of low capital spending and absence of gross tax on oil.

Moscow, however, has repeatedly said that its cooperation with OPEC should and will continue.

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