With the weakening of the global economy .. OPEC extends the reduction of oil production to support prices

by **RamblerNash** Mon Jul 01, 2019 11:03 pm

With the weakening of the global economy .. OPEC extends the reduction of oil production to support prices

07/01/2019 - 21:16

OPEC decided to extend oil supply cuts until March 2020, as members moved beyond their differences to support the price of crude amid a weak global economy and rising US production, press reports said on Monday.

Brent crude has risen more than 25 percent since the start of the year, after the White House tightened sanctions on Venezuela and Iran, members of OPEC, which led to a drop in oil exports.

OPEC and its Russian-led allies have been cutting oil production since 2017 to prevent falling prices, amid rising production from the United States, which overtook Russia and Saudi Arabia to become the world's largest producer.

Brent crude rose $ 2 to $ 67 a barrel today, which traders attributed to OPEC's decision to cut output.

The OPEC meeting will be followed by talks with Russia and other allies, in what is known as the OPEC + alliance, on Tuesday.

http://www.basnews.com/index.php/ar/economy/world/530829