Zero Hedge reports elsewhere that crude oil has gone below $50 a barrel
Putin's Meeting With Saudi Crown Prince At G-20 Could Overshadow OPEC
29 November, 20148
With oil prices in free fall and diplomatic crises raising the threat of more Western sanctions, Russian President Vladimir Putin and Crown Prince Mohammad bin Salman are planning to meet on sidelines of the G-20 summit later this week, Bloomberg reports. Even if President Trump snubbed Salman, and threatened to snub Putin, energy traders will be watching closely as the two leaders meet for the first time since both countries started pumping oil at the fastest pace since the 2016 OPEC+ production cuts.
The heads of the world's 20 largest economies are due to arrive in the Argentinian capital this weekend, where leaders will try to build a consensus on key issues. It comes a week before a much-anticipated meeting between OPEC and non-OPEC producers in Vienna, Austria, on December 6.
"All eyes are now on the upcoming OPEC meeting, but the get-together could easily turn out to be a formality," Tamas Varga, senior analyst at PVM Oil Associates, said in a research note published Tuesday.