The drop, which has been largely driven by the increase in US shale, caused oil cartel
Opec to slash its output.
OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel
and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
A decision by oil cartel
Opec to lift production restrictions in Vienna yesterday could also lead to cheaper fuel.
Iran is the third-biggest producer of crude oil within oil cartel
Opec, after Saudi Arabia and Iraq.
Mr Williams warned that "the good times of lower cost fuel appear to be over" as production cuts by the Opec oil cartel
are starting to reduce the global oil glut and push prices higher.
King Salman will hold meeting with President Vladimir Putin on Thursday and they are expected to discuss oil production matters ahead of the OPEC oil cartel
meeting in November and to cut the crude output with the aim to increase the oil prices.
After [late] November last year when the oil cartel
[OPEC is no cartel as many still call it] announced its agreement with Russia and 11 other [NOPEC] exporters to curb production in a bid to prop up prices, the overwhelming mood was optimistic.
As it continues to wrestle with declining oil prices worldwide, Saudi Arabia, the de facto head of the OPEC oil cartel
, is giving up ground.
MUMBAI: Oil cartel
Opec's decision to cut production from next month may lead to a 5-8 per cent spike in retail prices of fuel over the next three-four months and massively boost the margins of state-run refiners, says a report.
OPEC and non-OPEC members were scheduled to meet Monday to discuss production cuts ahead of the 14-nation oil cartel
Tayyebnia will also meet OPEC's economy ministers during his 2-day stay in Vienna on the sideliens of attending the oil cartel
's financial meeting.
It said this could occur if oil cartel
Opec agrees production limits.