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OPEC extends oil supply cut to prop up prices as economy weakens

Fears about weaker global demand as a result of a US-China trade spat have added to the challenges

Reuters 

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. Benchmark Brent crude has climbed more than 25% so far this year after the White House tightened sanctions on OPEC ...

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First Published: Tue, July 02 2019. 00:09 IST
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