Iraq, Kuwait, the United Arab Emirates, Russia and Saudi Arabia will extend an OPEC agreement for oil production cuts for another six months. OPEC recently agreed to a six month 1.2 million barrel per day oil production cut.
US oil-production gets got the ability of rising creation by 4 million barrels each day over the subsequent few years.
OPEC is hoping to clear that the oil markets of further oil inventories and over-production.
There is worsening global economic growth and slumping US oil distribution.
Oil stocks prices dropped 11% last week. Brent crude traded below $54 a cone that your lowest since September 2017.