Vienna (CNN Business) OPEC and its allies look ready to restrict the supply of oil at least until the end of 2019 as they try to support prices in the face of softer global demand and surging US output. Saudi Arabia , the biggest producer within OPEC, and Russia, the cartel's most powerful ally, met over the weekend to discuss extending supply curbs that were first introduced in 2017 after global oil prices crashed. Saudi oil minister Khalid Al-Falih met with his Russian counterpart Alexander Novak on the sidelines of a summit of G20 leaders in Osaka, Japan. "During the meeting, they discussed the options for extending the OPEC + deal, as well as the cooperation in the oil and gas sector between the Kingdom of Saudi Arabia and Russia," the Saudi Press Agency reported. OPEC's 14 member countries are meeting in Vienna on Monday to agree a common position.

Source: CNN July 01, 2019 10:41 UTC