Economics
OPEC+ Moves Toward Extending Oil Output Cuts to Early 2020
- The longer the horizon, the ‘stronger the certainty’: Barkindo
- Delegates from several nations conditionally back longer curbs
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Oil producers from the OPEC+ alliance are moving toward extending supply cuts into the first quarter of 2020 as they grapple with surging U.S. shale output and weakening demand growth.
After Russia and Saudi Arabia reached a deal Saturday at the Group of 20 summit to roll over curbs by six to nine months, other nations have voiced support for a longer extension into next year as the group gathers in Vienna for a key meeting.