OPEC signs deal with other major oil producers, including Russia, to extend oil output cuts until March 2020
Russian energy minister Alexander Novak, Venezuela's minister of petroleum Manuel Salvador Quevedo Fernandez, OPEC Secretary General Mohammad Barkindo and Saudi energy minister Khalid Al Falih at a meeting of the Organization of the Petroleum Exporting Countries and non-OPEC members in Vienna, Austria on July 2, 2019.
Member nations of the Organization of the Petroleum Exporting Countries on Monday agreed to the extension. With strong backing from Russia, the biggest member of the non-OPEC group meeting on Tuesday, the others unanimously approved the proposal. The 10 non-OPEC nations present at the meeting at OPEC's headquarters in Vienna also included Mexico, Bahrain, Oman and Kazakhstan. The United States, one of the world's major oil producers, is not involved in the discussions and won't be bound by any agreement.
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