Saudi minister: OPEC+ deal 'supports global economy'

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They also recommended a cut of around 1.3 million barrels a day from October levels.

Meanwhile, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman are expected to meet on the fringes of the Group of 20 summit in Buenos Aires that began Friday and are likely to attempt to find common ground on production ahead of the meeting of OPEC members and its allies next week.

The two world leaders met for a lengthy bilateral meeting during the G20 Summit in Buenos Aires on December 1 to discuss oil output production cuts, Kremlin spokesman Dmitry Peskov was cited as saying by the RBC news website on Monday.

The chief market analyst at XTB, David Cheetham, stated: "Speculation is mounting that Opec will deliver an output cut when they convene for their bi-annual meeting in Vienna next week, but whether it will be enough to stem the slide remains unknown". "We are going to survey together the market situation with Saudi Arabia and respond to it operationally".

President Vladimir Putin said that Russian Federation and OPEC biggest producer, Saudi Arabia had agreed to renew a pact on oil production cuts, as crude prices slump on global markets.

"Markets will be watching how OPEC will grapple with multiple threats to their efforts to keep prices buoyant", says Peter Kiernan, a lead energy analyst at forecasting and advisory services provider Economist Intelligence Unit. "Canada's production cuts are adding to the bullish sentiment in the oil market, removing concerns of oversupply that has so far been dampening prices".

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Both main contracts have plunged by about a third since hitting four-year highs at the start of October, hit by a number of factors including easing demand, high production, softer-than-expected U.S. sanctions on Iran and a global growth slowdown. Brent hit a a four-year high of $86.76 a barrel in early October before slumping to $58.71 on Friday.

Iraq's state oil marketer received about 600,000 barrels of crude at storage tanks it uses in Turkey, according to agents at the port of Ceyhan where the tanks are located.

"It's always more impactful when everyone joins the fray", said Stephen Innes, head of Asia Pacific trading at Oanda Corp. At the opening of Brent was trading at 59,73 per barrel, up 18 cents below the closing level ($59,91). Prior to the collapse in oil prices, the kingdom was responsive to Trump's demands.

For Prince Mohammed, the kingdom's day-to-day ruler, the dilemma between keeping the US president happy and having an oil price that balances the Saudi budget has been sharpened by the murder of journalist Jamal Khashoggi.

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. Its November production surged to an all-time record above 11 million barrels a day as prices swooned, prompting a jubilant response on Twitter from the White House. Despite pressure from angry senators and other Washington power players, the Trump administration has maintained its support for the Saudi leader. Off-topic, inappropriate or insulting comments will be removed.

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