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7/2, 12:53 PM (Source: TeleTrader)
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Non-OPEC producers agree to extend cuts by 9 months

Russian Energy Minister Alexander Novak said that non-OPEC producers agreed to extend their production cuts to March 2020, media reported on Tuesday.

The news comes after OPEC confirmed on Monday that it will continue its production cuts until the same date. Saudi Energy Minister Khalid al-Falih also stated that he would present the details of the new OPEC+ charter later in the day.

West Texas Intermediate (WTI) for September delivery dropped 0.25% to go for $59.06 at 12:35 pm ET following the news while the September futures of the international benchmark Brent were 0.58% lower to go for at $64.84 per barrel at 12:42 pm ET.

Breaking the News / DZ