This would make Aramco's listing the world's largest, beating Alibaba's $25bn IPO at $25.6bn.

Brent were down 44 cents, or 0.68%, at $63.95 per barrel, WTI were down 48 cents, or 0.81% to $58.72 a barrel,

The 7th OPEC and non-OPEC Ministerial Meeting, hereby decided for an additional adjustment of 500 tb/d to the adjustment levels as agreed at the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting. These would lead to total adjustments of 1.7 mb/d. In addition, several participating countries, mainly Saudi Arabia, will continue their additional voluntary contributions, leading to adjustments of more than 2.1 mb.

China on Monday set up a new centrally-administered state-owned enterprise (SOE), the China Oil & Gas Piping Network Corporation.

China imported 45.74 million tonnes of crude, equivalent to 11.13 million barrels per day (bpd),

The worldwide rig count for November 2019 was 2,042, down 81 from the 2,123 counted in October 2019, and down 224 from the 2,266 counted in November 2018.

U.S. Rig Count is down 3 rigs from last week to 799, Canada Rig Count is up 12 rigs from last week to 138,

Brent were down 3 cents at $63.36, WTI fell 9 cents to $58.34 a barrel.

The group of more than 20 producers is considering an extra 500,000 barrels per day (bpd) in cuts for the first quarter of 2020 to take the total to 1.7 million bpd, or 1.7% of global demand, Russian energy minister Alexander Novak said

Renewable energy sources alone are not capable of fully decarbonising the economy, but they can complement nuclear energy in achieving this goal. The nuclear industry, led by World Nuclear Association, has set the Harmony goal for nuclear energy to provide 25% of global electricity by 2050. This will require trebling nuclear generation from its present level.

Brent were up 44 cents, or 0.7%, at $61.26, WTI were up by 38 cents, or 0.7%, at $56.48.

They believe relentless US oil production growth will slow rapidly next year.

In total, the Saudi government plans to sell 0.5% of Aramco to individual investors and the remainder to domestic institutions and international firms registered in the kingdom, known as qualified foreign investors.

Russia, a key non-OPEC ally, has so far opposed deeper cuts or a longer extension. But Moscow has often taken a tough stance before every meeting before approving the policy. Sources said Saudi Arabia was working on convincing Russia.

Dr. Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, highlighted during his speech at the meeting that the vision of the UAE leadership established a long-term forward-looking vision for the future of energy and oil aiming to enhance the leading and advanced standing of the UAE in the sector. He shed light on the qualitative leap achieved by ADNOC for institutional development and modernization by the adoption of innovation and technology aims to continue to contribute to the achievement of the leadership vision by diversifying sources of income and investment in national talent and business sustainability and shaping the future.