The meeting between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on the margins of the G20 summit in Buenos Aires over the oil output and price issues put an end to the uncertainty in the oil market, with oil prices hitting an eight-month low in late November due to a massive oversupply.
“We don’t need permission from anyone to cut,” Saudi Arabia’s oil minister Khalid Al-Falih told reporters ahead of an OPEC meeting in Vienna on Thursday, when asked whether Riyadh got approval from Trump for pushing down oil production.