Russian Federation and Saudi Arabia's 'long-term relationship' WILL survive

Saudi to cut oil exports by 500,000 barrels per day in December

In its monthly report, OPEC said world oil demand next year would rise by 1.29 million barrels per day (bpd), 70,000 bpd less than predicted last month and the fourth consecutive forecast cut.

"There are many countries that are suffering production declines, therefore we need to continue to invest", U.A.E. Energy Minister Suhail Al Mazrouei told reporters on Sunday in Abu Dhabi.

Oil's slide accelerated on Tuesday, with US futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.

Oil prices have since come under downward pressure from rising supplies, despite the new US sanctions on Iran.

This as global crude prices dropped by as much as 20 per cent since last month, easing the concerns of energy security and economic sustainability in countries that rely on oil imports - such as India, China, and Japan.

On Friday, crude oil futures ended down $0.48, or 0.8%, at $60.19 a barrel.

Trump risks testing Saudi patience - or even provoking the kingdom's ire - at a particularly vulnerable moment, with the US decision to reimpose sanctions on Iran threatening to increase prices.

Worldwide benchmark Brent crude oil futures were at $69.17 per barrel, down 95 cents, or 1.4 percent, from their last close.

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Beyond demand concerns, a big concern for Saudi Arabia and other traditional producers from the Middle East-dominated OPEC is the surge in us output. Output, however, rose by 127,000 bpd to 32.9 million bpd, OPEC said.

While market analysts worry over a suddenly bearish market, Mr Al Falih cautioned against being driven too keenly by sentiment over fundamentals and that the group must support members facing critical challenges due to sanctions and other disruptions.

Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions told Reuters on Sunday.

BP (BP) CEO Bob Dudley said the Saudi cut represented "quite a bit of oil". The U.S.at first insisted it would seek to curtail all of the country's exports, only to grant waivers to eight of its customers just as Washington reimposed sanctions this month.

Another potential problem: Thatte notes that money managers' oil positioning, which has historically moved with oil prices, are at a 15-month low.

The rig count indicates US crude output C-OUT-T-EIA , already at a record 11.6 million bpd, will increase further. Those lower prices likely quieted Trump, but production cuts could again boost prices at the pump. At the time the kingdom flooded the market with excess oil in a bid to drown out high-cost producers, including shale companies in the United States.

"Saudi Arabia can not act alone though - realistically it needs to pull together OPEC allies, and critically Russian Federation, to curb production if it wants prices to hold". To keep oil prices high, OPEC and its allies would have to keep reducing production further and further.

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