OPEC extends oil cut to prop up prices as economy weakens

Saudi Arabia’s Oil Minister Khalid Al-Falih talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, July 1, 2019. REUTERS/Leonhard Foege

VIENNA (Reuters) – OPEC agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group’s members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production. The move will likely anger U.S. President Donald Trump, who has demanded OPEC leader Saudi Arabia supply more oil and help reduce prices at the pump if Riyadh wants U.S. military support in its standoff with arch-rival Iran. OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has overtaken Russia and Saudi Arabia as the world’s top producer.