UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Opec extends supply cuts
Opec has agreed to continue its supply cuts, supported by Russia, until March 2020, in a bid to maintain the price of oil at a time of increased US production and concerns regarding a global economic slowdown.
The extension came despite demands from US President Donald Trump that Saudi Arabia maintain oil output to keep prices down. Brent crude is reported to have climbed more than 25% in 2019 to date, after the White House tightened sanctions on Opec members Venezuela and Iran, cutting their oil exports.
The Opec cartel and its allies agreed in December 2018 to curb output by 1.2mn b/d in a pact that expired at the end of June 2019.
News Item details
Journal title: Petroleum Review
Organisation: OPEC
Subjects: Oil markets, Oil, Exploration and production, Oil prices
