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Investors are focused on this weekend's G-20 summit in Argentina, where leaders from the U.S., Russian Federation and Saudi Arabia - the world's three biggest oil producers - will gather in a prelude to OPEC's meeting next week in Vienna.

The Organization of the Petroleum Exporting Countries (OPEC) will meet on December 6 in Vienna to discuss output policy with some non-OPEC producers, including Russian Federation. The Saudi minister said signals from fellow OPEC members Iraq, Nigeria and Libya were positive ahead of the group's December 6 talks because all ministers want to restore oil market stability.

"Certainly, we are thinking about what we need to do in order to get free of this burden", Putin said in May. Yemi Osinbajo, prior to the briefing.

John Hancock Financial Services' Adam Wise, a strategist who takes care of a $9 billion oil and gas portfolio, stated that everyone was now looking towards the OPEC meeting next week to get a sense of which direction oil prices were going to take.

Kachikwu stated that the two countries shared their refining experiences in order to appreciate how his guest's country accomplished its present feat in refinery.

"We are in contact with OPEC and we are ready to continue our joint efforts if needed", Putin said.

Crude oil price remained in a major downtrend and it recently traded below the $53.00 and $52.00 support levels.

The negative economic outlook helped to push oil below $60 a barrel this week from as high as $85 in October, prompting some oil producing states to suggest significant production cuts.

Callum MacPherson, head of commodities at Investec, attributes the "aggressive move down" in the price of brent crude, from $86 to $60, has been due to the oil market being "oversold", with investors selling off.

But in one respect the situation is even more uncomfortable because Saudi Arabia's official foreign reserves are down to just over $500 billion, from nearly $750 billion in June 2014.

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.

Moscow has so far not committed to any new production cuts.

Saudi Arabia knows full well that it needs to bank on the USA support at the hard moment when its role in Khashoggi killing earned it global condemnation.

Russian Federation is happy with the current oil price level of around $60 dollars per barrel, President Vladimir Putin said on Wednesday, despite a recent dramatic oil price slump on global oversupply worries.

Asked on Wednesday whether cuts could be deeper than 1.4 million bpd, Falih declined to answer.