OPEC, allies agree to deepen oil output cuts

VIENNA/LONDON - OPEC and allies led by Russia on Thursday agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for an unexpectedly short period of the first three months of 2020.

Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing a global glut, are set to expire in March. He said cuts would last through the first quarter of 2020, a shorter timeframe than suggested by some OPEC ministers, who have called for extending cuts until June or December 2020 amid fears of a slowing global economy.

Producers face another year of rising output from the United States along with other non-OPEC producers Brazil and Norway. Saudi Arabia was more keen on reducing output as the kingdom needs higher oil prices to support its budget revenue and the initial public offering of Saudi Aramco.

The tragic price manipulation of extractable energy... a vain attempt to prolong the life of the death making machine... REEE

Good move and to the right direction.

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