OPEC agrees to maintain oil production cuts into 2020 at least | CBC News
Member nations
of the Organization of the Petroleum Exporting Countries on Monday
agreed to the extension. With strong backing from Russia, the biggest
member of the non-OPEC group meeting Tuesday, the others unanimously
approved the proposal.
of the Organization of the Petroleum Exporting Countries on Monday
agreed to the extension. With strong backing from Russia, the biggest
member of the non-OPEC group meeting Tuesday, the others unanimously
approved the proposal.
“In order to help maintain the current
stable status of the market and avoid buildup of inventories, we have
decided to keep the level and the magnitude of the cuts intact,” Russian
Energy Minister Alexander Novak told the forum after the vote.
The
10 non-OPEC nations present at the meeting at OPEC’s headquarters in
Vienna also included Mexico, Bahrain, Oman and Kazakhstan. The United
States, one of the world’s major oil producers, is not involved in the
discussions and won’t be bound by any agreement.