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The oil price is updated at least October 2017

01 December 2018

This kept more Iranian crude in the market instead of driving exports from Riyadh's arch-rival down to zero and bringing down the price per barrel to $51.18.

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.

The choice facing Saudi Arabia at next week's OPEC meeting is dramatic: cut oil production and enrage Donald Trump, or keep pumping and risk ultra-low prices blowing up its economy.

The price of crude oil went down sharply from 10 in the morning, down more than a dollar. Igor Sechin, chief executive of the Russian oil company Rosneft and an influential ally of President Vladimir Putin, has aggressively promoted drilling at home and overseas.

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"Trump tweets as if he has a joystick and he has everything under his command like he is playing one of these video games", said Tom Kloza, global head of energy analysis at the Oil Price Information Service.

The worldwide benchmark for crude, Brent futures that expire in January were down by 2.4% to trade at a price of $58.76 per barrel on the ICE Futures Europe Exchange in London.

Oil rose above $50 a barrel in NY, erasing an earlier loss, after a report that Russian Federation accepts the need to cut production in conjunction with OPEC.

The cooperation had been a "a 100 percent" success, Putin said, adding that this was largely due to Saudi Arabia and Crown Prince Mohammed bin Salman, the "initiator" of the deal.

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Barrett, threw six touchdowns, a school record in the rivalry. "That's a huge advantage", Meyer said of Northwestern's head start. A month ago it seemed like a stretch that Ohio State (11-1, 8-1 Big Ten) would be preparing for the trip to Indianapolis.

"Putin's comments raised speculation that Russian Federation may not join its fellow producers in curbing production", Sungchil Will Yun, Seoul-based commodity analyst at HI Investment & Futures, said by phone.

Russia's energy ministry is discussing potential oil production cuts with local producers and will continue talks to come up with a position by the OPEC/non-OPEC meeting in early December, Energy Minister Alexander Novak said last week.

“The next OPEC meeting is going to prove a pivotal moment for the direction of oil prices in 2019, ” BNP Paribas strategist Harry Tchilinguirian told Reuters Global Oil Forum. And if trade tensions between the United States and China depress global growth, oil prices could slide anew. Iran was also largely exempt from cuts.

Yet Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC even though it is still bargaining with Saudi Arabia over the timing and volume of any reduction.

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"Iraq has been increasing production, but not to the extent that Saudi Arabia has done". That doesn't mean the Kremlin is about to give up its alliance with Saudi Arabia, which extends beyond oil, but it means could drive a hard bargain.

The oil price is updated at least October 2017