Russia, Saudi to extend OPEC+ pact to arrest sliding oil prices

OPEC                  AFP  Getty Images

Russia's Vladimir Putin and Saudi Arabia's Mohammed bin Salman may discuss oil supplies at the summit in Argentina.

"While we still need to know by how much OPEC will curb its production, Putin's comment does clear a barrier for OPEC in stabilizing prices as Russian Federation has been ambiguous about its stance", Ahn Yea Ha, a commodities analyst at Kiwoom Securities told Bloomberg News.

Oil prices have stopped dropping after a continual sixth-week loss.

Crude oil and other cycle-sensitive assets are likely to experience higher volatility as the meeting approaches and markets become more tense.

"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.

Prices of the global benchmark, Brent crude went tumbling about a third from an October high due to multiple reasons including rising supply from the US shale regions, Saudi Arabia and Russian Federation, slower demand growth and American waivers on oil sanctions on Iran. WTI was up 1.21 US dollars to settle at 51.63 dollars a barrel, while Brent rose 1.68 dollars to close at 60.48 dollars a barrel.

By the time trading had finished for November on Friday, the prices of Brent and the USA marker crude - West Texas Intermediate had lost more than 20% over the month, the biggest monthly percentage loss in a decade as traders fretted over a signs of a growing glut in global supplies.

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To the adoption of this decision calls on Saudi Arabia amid a 30 percent collapse in oil prices towards the beginning of October.

The price of West Texas Intermediate (WTI) for January delivery increased 1.01 percent, while Brent crude for January delivery lost 0.15 percent, during the week ending November 30. Brent crude rose 5.3 percent or $3.14 to a high of $62.60 and was last trading around $61.60.

It is expected the outcome of this week's OPEC meeting will result in a supply cut, which would be aimed at reining in emergent oversupply. However, WTI prices lost 20.9% in November.

The contract closed the week Friday down 52 cents at $50.93 per barrel. February Brent settled at $US59.46, down 45 cents, or almost 0.8%. They also recommended a cut of around 1.3 million barrels a day from October levels.

Putin and the prince ended years of animosity between the world's two largest oil exporters in 2016 and have worked together since then in a deal known as the OPEC+ group, that includes the cartel plus non-OPEC members such as Russia, Mexico, Azerbaijan and Kazakhstan.

Offering a hint on US production activity, Baker Hughes BHGE, -1.25% on Friday reported that the number of active domestic rigs drilling for oil rose by 2 to 887.

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