Russia’s Energy Minister Alexander Novak, Saudi Arabia’s Energy Minister and OPEC conference president Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo attend a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producing countries in Vienna, Austria, May 25, 2017. Picture: REUTERS/LEONHARD FOEGER
Russia’s Energy Minister Alexander Novak, Saudi Arabia’s Energy Minister and OPEC conference president Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo attend a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producing countries in Vienna, Austria, May 25, 2017. Picture: REUTERS/LEONHARD FOEGER

Opec has agreed to extend oil supply cuts until March 2020, according to three Opec sources.

This will allow the oil cartel to prop up the price of crude amid a weakening global economy and rising US production.

Opec and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding.

Business Day TV spoke to Bjarne Schieldrop from SEB for more analysis.

Bjarne Schieldrop from SEB talks to Business Day TV spoke about the producer cartel’s plan to keep supply in check

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