Petrol prices in India slide further as crude gets into $50 range

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

For almost a month-since an OPEC/non-OPEC panel signaled that there might be a need to cut oil production by 1 million bpd to balance the market-Russia has warned against any hasty decisions on new production cuts and has not officially said that a cut is needed.

After reaching a four-year high in early October, crude has collapsed more than 30 percent, marking the worst crash since 2015.

But oil trade, vital for Russian economy, is conducted in USA dollars, a "monopoly" Russia's President Vladimir Putin wants to end.

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 producer group plus non-OPEC member Russian Federation will gather on December 6 and 7 in Vienna to discuss output policy.

Canada sanctions 17 Saudi nationals over Khashoggi killing
Two days later, Riyadh finally admits Khashoggi was killed inside the consulate after talks deteriorated into a "brawl". Senators are also scheduled to vote on the controversial nomination of Thomas Farr for a North Carolina judicial seat.

Worldwide benchmark Brent crude LCOc1 gained 6 cents, or 0.1 percent, to $58.82 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel.

However, one of the most important determinants of oil prices is OPEC.

Russian Federation is the second biggest oil exporter in the world, making its economy vastly dependent on the global oil market.

For Mohammed bin Salman, the kingdom's crown prince and day-to-day ruler, the dilemma has been sharpened by the murder of Jamal Khashoggi in the Saudi consulate in Istanbul.

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The war in Afghanistan began weeks after the 9/11 terror attacks, and the American death toll from the war has exceeded 2,200. Special Operations troops often partnering with Afghan commandos to target the Islamic State and, occasionally, al-Qaeda.

While gasoline supplies in the USA 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. The tool, known as OpecWatch, uses West Texas Intermediate crude oil options markets to calculate the probabilities of certain outcomes of OPEC meetings. "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 Arabia knows full well that it needs to bank on the United States support at the hard moment when its role in Khashoggi killing earned it global condemnation. It resumed pumping crude for export by pipeline from northern fields this month and is expanding capacity to produce at its main deposits in the south. The global benchmark crude traded at an $8.45 premium to WTI.

But the United States also offered generous waivers to allies who imported Iranian crude and might have struggled to find other supplies quickly when U.S. sanctions kicked in on November 4.

Most people agreed that Russian Federation can't immediately reduce production and if it joins the cuts, it will cut output gradually, like it did the previous time, the source told Reuters.

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But some families stick by their Black Friday traditions. "I saved so much money today", he said pointing to one of his full bags. Over the past 12 months, purchases at non-store retailers such as Amazon have jumped 12.1 percent.

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

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