EnergyWatch

OPEC set to extend output cuts into 2020 as demand falters

The OPEC+ alliance is set to extend output cuts into 2020 as the world's leading oil exporters worry about the weakening outlook for global demand and the rise in US shale outputs.

Photo: Bloomberg

The OPEC+ alliance is poised to extend production cuts into 2020 as the world's leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America's shale fields.

Oil rose the most in a week after Iran became the latest OPEC member to back an extension of as long as nine months. The leaders of Russia and Saudi Arabia, the dominant members in the alliance, settled on the idea of extending the cuts into next year during the G-20 meeting in Japan.

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