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OPEC set to extend the oil supply cut when Iran supports pact



A meeting with the OPEC ministers is underway in Vienna with the cartel in view of an extension of its current agreement to cut production by six to nine months.

The group faces a weaker demand outlook due to lower global growth. 19659002] Monday morning, US raw futures were $ 60.07, up 2.7 percent.

National Manager Folasade Yemi-Esan said on Monday that her country "strongly endorsed" an extension of the agreement for nine months, saying that would "provide greater security to the market."

The current agreement reduced production by 1

.2 million barrels per day from 1 January.

Tensions between the United States and Iran and attacks on tankers near the Hormuzstream have sent oil prices higher in recent days.

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In the longer term, demand may weaken according to the International Energy Agency, which reduces the demand estimate earlier this month.

T he Associated Press contributed to this article.


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