Global oil prices fell more than 6% on Friday to their lowest level in more than a year, while the Wall Street Journal said Saudi Arabia was discussing with Opec "hidden" oil production cuts.
Brent crude, the world's benchmark oil, fell $ 3.8 to $ 58.8 a barrel on Friday, its lowest since October 2017.
US crude fell 4.2 dollars (7.7 percent) to around $ 50.4 a barrel, its lowest level since October 2017.
With soaring oil prices, OPEC member states are seeking to cut production until the market recovers, but Saudi Arabia, OPEC's biggest producer, is under pressure from US President Donald Trump to prevent OPEC from cutting output.
Trump opposes Opec's reduction of production, and sees the organization raising oil prices, which in his opinion adds to the burden on American consumers.
The Saudi Wall Street Journal said on Friday that Saudi Arabia and OPEC were moving towards a compromise between US appeasement of policies that did not lead to higher prices and curbing oil supplies to restore market balance.
The OPEC solution, which is to be held on December 6, plans to maintain the production levels agreed upon in 2006, the paper said. 2016.
The move actually meant cutting output, because Saudi Arabia is currently pumping more than the agreed level of about one million bpd, according to informed sources quoted by the Wall Street Journal.