While gasoline supplies in the United States unexpectedly fell last week, which led to slight gains in oil prices, they were not enough to overcome the pessimism of the news of an oil supply increase in the country.
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.
The oil price "fell and then rose again but in my opinion, a level around $60 is quite acceptable, we are completely satisfied", he told an investment forum.
"The aggressive move down from 86 $/b in Brent to below 60 $/b, has to a large extent been in conjunction with falls in equities, as speculative investors sold oil".
The top three crude oil producers - Russia, the United States and Saudi Arabia - will be at the G20 Summit this weekend, raising expectations that oil policy will be discussed. Crude stockpiles at the Cushing, Oklahoma hub rose 771,924 barrels since November 23, traders said on November 29, citing a weekly Genscape report.
"His visit is a short one but we spent time and visited the vice president, we discussed issues on oil output, what we are doing and how to prepare for OPEC meeting".
To rein in the glut, OPEC and its main partner Russian Federation are moving closer to an agreement around further production cuts.
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The market kept a close eye on what signs of the global oil policy will come out from the gathering of world' s major oil producers at the G20 Summit, scheduled for November 30 to December 1, especially among heads of states of Saudi Arabia, Russia and the United States.
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher shortly before the regular session opening, reversing earlier weakness.
"Perhaps the recent increase in OPEC production is actually the strongest signal that it intends to announce a cut, as members jockey for position ahead of the debate about who should bear the cuts - this has happened before".
"We are in contact with OPEC and we are ready to continue our joint efforts if needed", Putin said.
USA crude production C-OUT-T-EIA is at a record high of 11.7 million barrels per day (bpd). Putin previously said Russian Federation would be satisfied with a price of $70.
"Iraq will probably say the right things regarding the OPEC meeting, about constraining or reducing output or even just "expressing support" for new output cuts", said Michael Barry, director of research at consultant FGE in London.
US crude inventories have hit their highest in a year after a tenth consecutive weekly increase, and are now only 80 million barrels below March 2017's record 535 million barrels, according to the Energy Information Administration.