OPEC and its allies look set to extend oil supply cuts next week at least until ...
VIENNA - OPEC and its allies look set to extend oil supply cuts next week at least until the end of 2019 as Iraq joined top producers Saudi Arabia and Russia on Sunday in endorsing a policy aimed at propping up the price of crude amid a weakening global economy.
OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has become the world’s top producer this year ahead of Russia and Saudi Arabia. “It’s a rollover and it’s happening,” Falih, whose country is the de facto leader of OPEC, told reporters.
Iraqi Oil Minister Thamer Ghadhban said on Sunday he expected the deal to be extended by six to nine months.
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