Opec extends oil cuts for eight more months to prop up prices
Brent crude rose as much as $2 on Monday towards $67 per barrel as traders cited Opec’s commitment to curbing output
01 July 2019 - 17:21
Vienna — Oil cartel Opec agreed on Monday to extend oil supply cuts until March 2020, three Opec sources said, as the group's members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring US production.
It is likely that the move will anger US President Donald Trump, who has demanded Opec leader Saudi Arabia supply more oil and help reduce prices at the pump if Riyadh wants US military support in its standoff with arch-rival Iran...
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