OPEC extends reduction in oil production

World News

July 2, 2019 - 11:05 AM

VIENNA (AP) — OPEC is extending its deal to cut production for another nine months in bid to keep oil prices from sagging as the oil cartel faces a weakening outlook for global demand.

The decision among the members of the Organization of the Petroleum Exporting Countries came during a meeting Monday at the cartel’s headquarters in Vienna.

Saudi Arabia’s Energy Minister Khalid Al-Falih said “the commitment to a nine-month extension is unequivocal, very solid, very strong” among OPEC members. He said he expected non-member producing countries such as Russia to join in extending the cuts at a separate meeting today.

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