OPEC Extends Output Cuts Into 2020 as Marathon Meeting Ends

Group prolongs curbs by nine months, delegates say in Vienna
Decision needs to be ratified by non-OPEC allies on Tuesday

U.A.E.’s energy minister says an extension of supply cuts is needed "for the current conditions of the market." (Source: Bloomberg)

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By Nayla Razzouk, Dina Khrennikova, and Javier Blas

July 1, 2019 at 6:30 AM UTC

Updated on

July 1, 2019 at 8:03 PM UTC

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OPEC will extend production cuts into 2020, attempting to buoy oil prices as the world’s leading exporters fret about the outlook for global demand growth and the relentless rise in output from America’s shale fields.

After more than 10 hours of meetings, ministers confirmed an agreement to extend existing production curbs for nine months. But the talks were marred by hours of wrangling between Iran and other members over a charter enshrining the OPEC+ alliance. Eventually, a compromise was reached.