Energy

OPEC and allies agree to extend record production cut

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OPEC and its oil-producing allies agreed on Saturday to extend the group’s historic production cut for an additional month in an ongoing effort to balance the global oil market. The agreement was finalized during the group’s video-conference meeting.

“Today we have grounds to be cautiously optimistic about the future, but we are not out of the woods yet and challenges ahead remain to be seen,” Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said in opening remarks as the OPEC+ meeting began. He urged the group to display unity and come to a swift decision.

“Together we are stronger, together we can restore stability to oil markets and help rebuild the global economy,” he…



Source cnbc.com

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