With this in view, the Organisation of Petroleum Exporting Countries (OPEC), of which both Nigeria and Saudi Arabia belong, has been considering the best way to stabilise the market.
The price traded as high as $52.21 and it is now correcting lower.
"Certainly, we are thinking about what we need to do in order to get free of this burden", Putin said in May. -China trade war a key focus.
Oil producer group OPEC and its allies, led by Russian Federation, meet in Vienna next week against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.
Why do oil prices fluctuate?
"The pressure has certainly been building as prices continued to fall amid ongoing concerns over excessive supply and lower demand growth".
Future contracts of oil trade among countries in any given price also can affect the market.
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.
Nigerian oil minister Emmanuel Ibe Kachikwu echoed the comments of his Saudi counterpart.
The consortium controls almost 40 percent of the world's total oil supply.
Oil slid toward the deepest monthly loss since the worldwide financial crisis a decade ago as Russian Federation signaled it may resist production caps at a crucial OPEC gathering next week. Traders are looking for supply cuts between 1 million and 1.4 million barrels per day (bpd).
But the U.S. also offered generous waivers to allies who imported Iranian crude and might have struggled to find other supplies quickly when United States sanctions kicked in on November 4. Iraq's state oil marketer received about 600,000 barrels of crude at storage tanks it uses in Turkey, according to agents at the port of Ceyhan where the tanks are located. By contrast, Saudi Arabia needs oil at more than $80/bbl to balance its budget.
It costs the kingdom only $3.50 to pull a barrel from the ground.
When the Saudi crown prince - as is expected - asks Putin to cut down output in a bid to drive up oil prices, some speculate Russian Federation could have the upper hand in the negotiations.
However, US President Donald Trump has called for refraining from output reductions and help to lower oil prices further.
However, he stands ready to work with OPEC to control supply if needed.