OPEC countries were meeting Thursday to find a way to support the falling price of oil, with analysts predicting the cartel and some key allies, like Russia, would agree to cut production by at least 1 million barrels per day.
The price of both benchmark US crude and the standard for internationally traded oil fell 22 per cent in November.
The oil minister of Saudi Arabia, the heavyweight within OPEC, said Thursday that the country was in favour of a cut of 1 million barrels a day.
His Iraqi counterpart, Thamir Ghadhban, said: "I am optimistic that the agreement will stabilise the market, will stop the slide in the price (of oil)."
Investors did not seem convinced, however, and were pushing the price of oil down sharply again on Thursday, partly due to broader concerns that a trade war between the US and China could escalate and hurt global growth.
The international benchmark for crude, Brent, was down USD 2.91 at USD 58.65 a barrel.
He tweeted Wednesday that "Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!"
Experts say this week's meeting of the Organisation of the Petroleum Exporting Countries will influence the price of oil over the coming months.
How strongly it does so could depend on Russia's contribution, which will be determined in a meeting on Friday.
This "would be enough to rebalance the oil market next year," they wrote in a note to investors.
While Saudi Arabia has indicated it is willing to cut production, its decision may be complicated by Trump's decision to not sanction the country over the killing of dissident journalist Jamal Khashoggi.
US Senators say, after a briefing with intelligence services, that they are convinced that Saudi's de-facto ruler, Crown Prince Mohammed bin Salman, was involved in Khashoggi's death.
Some experts say that gives the US some leverage over the Saudis, though Al-Falih denied that on Thursday.
When asked if the Saudis had permission from Trump to cut production, Al-Falih replied: "I don't need permission from any foreign governments.
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