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OPEC and allies led by Russia extend oil supply cut in bid to boost prices.

Jul 12, 2019 14:40

OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.

Russia cut its oil output in June by an average of 278,000 barrels per day from levels seen last October. Russia reduced oil production in June by more than the amount agreed in a global deal to cut output, as the sector still felt the impact of a contaminated crude crisis that crippled exports.
 
Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude amid a weakening global economy.
 
The meeting on Tuesday also agreed on a charter for long-term cooperation between OPEC and non-OPEC producers.
 
The new deal would help reduce global oil stocks, balance the market and spur investments in future energy supplies.
 
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