VIENNA — OPEC nations on Monday agreed to continue their production cuts until early next year, papering over their differences in order to continue an effort that analysts say is propping up prices while demand for oil is weakening. The cuts, by the Organization of the Petroleum Exporting Countries, equal about 1.2 million barrels a day, or around 1 percent of global oil consumption. Russia and other non-OPEC producers are expected to agree to the cuts on Tuesday. Analysts say OPEC has little choice but to go along with the cuts it has already enacted in coordination with Russia. Without these measures, “you would have seen a collapse in prices,” said Joseph McMonigle, a senior policy analyst at the market research firm Hedgeye.

Source: International New York Times July 01, 2019 21:00 UTC