Saudi Arabia's Energy Minister Khalid al-Falih has already said that while the Saudis are going to do whatever it takes to stabilize the oil market, they can't and won't do it alone without a collective decision from the OPEC and non-OPEC deal participants.
The president might have some success in getting Saudi Arabia not to cut oil production because of how he has handled the killing of journalist Jamal Khashoggi in the Saudi Consulate in Istanbul.
The price of crude oil went down sharply from 10 in the morning, down more than a dollar.
Earlier this week, Russian President Vladimir Putin said crude around US$60 a barrel is " balanced and fair", but also added that Moscow is ready to cooperate with its fellow producers. Putin has reflected his comfort at oil prices hovering around $60 per barrel.
Oil briefly plunged below $50 on Thursday amid fears of an emerging supply glut, before reversing course after Reuters, citing unnamed industry sources, reported that Russian Federation is considering cutting its oil output along with other members of the Oil and Petroleum Producing Countries (OPEC).
Brent for January settlement, which expires Friday, fell as much as 2.1% to $57.50 a barrel on London's ICE Futures Europe exchange.
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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.
"Over the last week, we had bilateral consultations with Iraq, Libya, Russia, all that will lead us to reach a consensus".
There is need of a cut, but Russian Federation doesn't want to chip in with a large cut, a second source told Reuters. This indicates at a possible trench being created by the oil marketing companies to form a buffer in case the oil prices increase again. Iran was also largely exempt from cuts. And if trade tensions between the United States and China depress global growth, oil prices could slide anew.
Saudi Arabia can not afford another slump in oil prices. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh.
Yet Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC even though it is still bargaining with Saudi Arabia over the timing and volume of any reduction.
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.