Opec extends oil output cuts after Moscow-Riyadh pactOPEC and its oil-producer allies decided in December to trim daily crude output by 1.2 million barrels. VIENNA - Opec agreed Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin Saudi Arabia and non-member Russia. The expected news followed an official ministerial output meeting of the 14-nation Organization of the Petroleum Exporting Countries (Opec), which pumps just under one third of the world's oil. The news nevertheless sent oil prices rallying on Monday, with sentiment boosted also by the China-US trade truce that was agreed at the G20 in Osaka. Novak had declared earlier Monday that "everyone" supported the proposition to extend production caps.

Source: Bangkok Post July 01, 2019 21:46 UTC