7/1, 3:09 PM (Source: TeleTrader)
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OPEC agrees to extend production cuts by 9 months - report

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Monday to extend oil production cuts by nine months, CNBC reported on Monday as Saudi Arabia confirmed most members agree with the cuts.

However, the deal is yet to be confirmed by OPEC+, which consists of OPEC and other major oil producers led by Russia.

Earlier, Russian Tass reported that nine-month cuts are most likely and over the weekend Russia's Energy Minister Alexander Novak stated that reducing cuts in the oil market wouldn't make sense in the winter when demand is low, which means a nine-month cut makes the most sense.

Breaking the News / VP