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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.
The Organization of the Petroleum Exporting Countries (OPEC) began a meeting to discuss policy in Vienna at 1630 GMT. On Friday. OPEC will meet with Russia and other producers. a group known as OPEC+.
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.
