Novak told TASS earlier that the ministry was still undecided about its position on possible oil production cuts in 2019 under the Vienna Agreement.
On Friday, West Texas Intermediate crude for January delivery CLF9, -1.42% on the New York Mercantile Exchange fell 52 cents, or 1%, to settle at $50.93 a barrel after trading as low as $49.65.
Fears that the United States sanctions on Iran would send oil prices to the roof and precipitate a global economic crisis have disappeared, and the 175th Ordinary Meeting of OPEC in Vienna is expected to be worrying instead about a supply glut that has sent prices crashing. The cable broadcaster reports that US crude oil prices have crashed nearly 26 per cent from their peak in October as fear of a shortfall in supply has turned into talk of a glut.
The cuts in production helped oil prices climb to four-year highs in October, but they have subsequently slumped by some 30 percent amid worries about falling demand and a slowing world economy.
The price of a barrel of Brent crude in February was $60,23 (+0,53%).
The global benchmark, Brent crude, steeply increased on the same day to $59.26 per barrel after closing at $58.12 last Wednesday.
Thus, Saudi Arabia suggested output be decreased in 2019 by one million barrels a day and said it is ready to curtail exports from December.
Oil prices steadied on Friday as expectations that OPEC and Russian Federation would agree some form of production cut next week balanced pressure from swelling inventories.
For now, the oil market remains divided on the outcome of the OPEC meeting.
The oil reserves in the USA increased by 3.6 million barrels in the week to 23 November to 450,49 million barrels, according to the global energy Agency. CME Group's OPEC Watch Tool pegs the probability of a small production cut at 52%, with expectations for little or no change at almost 48%.
The U.S. output surge will weigh heavily in discussions this weekend at the G-20 summit as well as at next week's meeting of OPEC and its allies. The barrel of the January WTI was trading at $51,55 (+0,19%). The contract has climbed about 41% this monththe largest monthly rise in about nine years.