News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Facebook Twitter Instagram YouTube
    • Politics
    • Business
    • Sports
    • Features
    • Shows
    • Op-Ed
    • Watch Live
    Facebook Twitter Instagram YouTube
    News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    Watch Live Tv
    OUR TV SHOWS
    • BREAKFAST CENTRAL
    • VILLAGE SQUARE AFRICA
    • BUSINESS EDGE
    • SECURE THE CONTINENT
    • ONE SLOT
    • POLITICS HQ
    • REPORT DESK AFRICA
    • E CENTRAL
    News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.News Central TV | Latest Breaking News Across Africa, Daily News in Nigeria, South Africa, Ghana, Kenya and Egypt Today.
    You are at:Home»Business News»OPEC extends oil supply cut to boost prices
    Business News

    OPEC extends oil supply cut to boost prices

    Business DeskBy Business DeskJuly 2, 201902 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    OPEC extends oil supply cut to boost prices
    Share
    Facebook Twitter LinkedIn Pinterest Email

    OPEC and its allies led by Russia, agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.

    The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States, which has overtaken Russia and Saudi Arabia to become the world’s top producer.

    Benchmark Brent crude LCOc1 has climbed more than 25% so far this year after the U.S. tightened sanctions on OPEC members Venezuela and Iran, causing their oil exports to drop.

    The approval of the pact extension on Tuesday follows a decision by OPEC producers the previous day.

    Fears about weaker global demand as a result of a U.S.-China trade spat have added to the challenges faced by the 14-nation Organization of the Petroleum Exporting Countries.

    A jump in oil prices might lead to costlier gasoline, a key issue for Trump as he seeks re-election next year.

    Brent was trading slightly weaker at just below $65 per barrel. 

    The OPEC+ extension comes after Russian President, Vladimir Putin agreed with Saudi Arabia to prolong the pact and continue to cut combined production by 1.2 million barrels per day, or 1.2% of world demand. 

    Oil prices could stall as a slowing global economy squeezes demand and U.S. oil floods the market.

    Economy Oil
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleProtest leaders call for one-day nationwide civil disobedience in Sudan
    Next Article Fuel tanker blast kills 10 in Nigeria
    Business Desk

    Related Posts

    Netflix Teams Up with Canal+ to Challenge African Streaming Rivals

    June 13, 2025

    Oil Prices Jump, Stocks Sink After Israel Strikes Iran

    June 13, 2025

    Kenyans Grapple with Soaring Costs and Distrust

    June 11, 2025
    Add A Comment

    Leave A Reply Cancel Reply

    Latest Stories Today

    FCT Minister Wike Unveils New Roads, Reinforces Project Completion Policy

    By Abisoye AdeyigaJune 13, 2025

    The Federal Capital Territory (FCT) Minister, Nyesom Wike, on Friday commissioned newly completed roads in…

    Era of Abandoning Critical Infrastructure Midway Over – Wike

    UK Grooming Gang Members Guilty of Raping 13-Year-Old Girls

    UK MPs Back Ban on Assisted Dying Adverts

    • Facebook
    • Twitter
    • Instagram
    • YouTube
    © 2025 Newscentral Television All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.