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Oil prices have fallen more than 25% since their highest level in four years in early October. The sharp decline has heightened pressure on the OPEC alliance for it to orchestrate a new round of supply cuts.
Brent, an international benchmark, traded at $ 59.71 a barrel on Wednesday afternoon, down about 0.8%, while West Texas Intermediate (WTI) stood at $ 51.16, a decrease of about 0.75%.
Saudi Arabia, the mainstay of OPEC, has called for the oil cartel to cut production in order to dispel fears of oversupply. Earlier this month, the oil-rich kingdom even went so far as to promise that it would be ready to do "all it takes" to prevent the return of an overabundance of stocks.
However, Russia appeared reluctant to approve a turnaround in its production strategy. Non-OPEC heavyweights warned the Middle East-dominated group that it must be careful not to change course 180 degrees at each meeting.
At the same time, President Donald Trump – who is publicly supportive of lowering fuel prices – has repeatedly called on OPEC not to reduce its production.
Trump thanked Saudi Arabia last week, but asked Riyadh to take action to keep oil prices down even more.
The leaders of the United States, Russia and Saudi Arabia should all participate in the G-20 summit in Argentina from Friday.
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