Published: Sat, December 01, 2018
Markets | By Erika Turner

The oil price is updated at least October 2017

The oil price is updated at least October 2017

Putin previously said Russian Federation would be satisfied with a price of $70.

The country's estimated oil and gas revenue was revised from $8.5 billion to $44.4 billion. Exports in August and September reached the highest levels since 2016 on robust production in the south, even as a pay dispute with the semi-autonomous Kurdish region curtailed shipments from the north.

"This led to positive results", Putin told an investment forum.

"Furthermore, our partners are helping us by introducing all these unlawful restrictions and violating principles of the global trade, because the whole world sees the dollar monopoly is unreliable; it is risky for many, not only for us", he said.

All eyes are on this weekend's G20 summit in Argentina, where Russia's Vladimir Putin and Saudi Arabia's Mohammed bin Salman are likely to discuss how to coordinate oil policy.

"Of course I'm concerned because the price of oil is dropping like insane right now", said Darlene S. Wallace, president of Columbus Oil, a small Oklahoma producer.

"President Trump has effectively put a ceiling on oil prices - arguably this ceiling is about $70/bbl Brent, maximum $75", said Thibaut Remoundos, founder of London-based Commodities Trading Corporation Ltd.

Americans consume roughly 400 million gallons of gasoline a day, so every time prices fall by a penny they save about $4 million.

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The retail fuel prices in India, though, haven't reduced in proportion to the global prices.

FGE estimates that Iraq could pump as much as 4.7 million barrels a day next year - depending on what OPEC and other producers decide at their December 6 meeting - compared with about 4.5 million in November.

The Minister of State for Petroleum Resources, Ibe Kachikwu has disclosed that the Federal Government would collaborate with Saudi Arabia to revamp Nigeria's refineries.

The consortium controls almost 40 percent of the world's total oil supply.

Putin also thanked Saudi Arabia and its Crown Prince for the OPEC-Russia cooperation in managing the oil market.

Investors remain uncertain over whether an agreement on output cut would take shape during next week's OPEC meeting in Vienna, as Saudi Energy Minister Khalid al-Falih said on Wednesday his country would not cut oil output on its own. Iran was also largely exempt from cuts.

"Oil prices bounced back late in the day on Friday on reports that the OPEC committee had suggested a 1.3 million barrel per day cut from the October level", said Fawad Razaqzada, market analyst at futures brokerage Forex.com.

While speaking at the Abuja headquarters of the Federal Ministry of Petroleum Resources, Kachikwu made known that Nigeria was now tapping from the vast experience of Saudi Arabia.

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