OPEC set to extend oil supply cut as Iran endorses pact
VIENNA - OPEC agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group’s members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production.
The move will likely anger U.S. President Donald Trump, who has demanded OPEC leader Saudi Arabia supply more oil and help reduce prices at the pump if Riyadh wants U.S. military support in its standoff with arch-rival Iran. OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has overtaken Russia and Saudi Arabia as the world’s top producer.
“Saudi Arabia is doing its best to achieve oil prices at $70 per barrel despite what Trump wants. But they haven’t accomplished that even with Iranian and Venezuelan oil exports dropping. And the reasons for that are weak demand and U.S. shale growth,” said Gary Ross from Black Gold Investors.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
New OPEC-Russia Pact on Oil Cuts Could Last Well Into 2020OPEC and its Russia-led allies are likely to extend their deal to cut oil output by nine months, Saudi Energy Minister Khalid al-Falih said Sunday, in a sign that some of the world’s major crude-producing countries are concerned about the possibility of shrinking demand well into next year.
Leer más »
Extradition bill fury likely to fuel numbers at Hong Kong annual rallyHong Kong is gearing up for an annual pro-democracy march on Monday, the anniver...
Leer más »
Saudi energy minister says nine-month OPEC+ extension most likelySaudi Energy Minister Khalid al-Falih said on Sunday that OPEC and its allies le...
Leer más »
Saudi energy minister says nine-month OPEC+ extension most likelySaudi Energy Minister Khalid al-Falih said on Sunday that OPEC and its allies le...
Leer más »
Saudi's Falih says Russia, Saudi OPEC+ extension pact will help stabilize oil marketSaudi Arabian Energy Minister Khalid al-Falih said on Saturday that the agreemen...
Leer más »
Russia, Saudi Arabia Reach Oil Output Agreement Ahead of OPEC TalksRussia and Saudi Arabia have agreed to extend a major oil output-cutting deal by six to nine months to help support the market, Russian President Vladimir Putin said after meeting Saudi Crown Prince Mohammed bin Salman.
Leer más »