Russia and the other nine non-OPEC countries have agreed to continue the extraction conditions for another nine months. In this way, they are trying to keep prices high despite the weakening of the global economy.
Initially, the energy ministers of the top makers intended such a deal not to happen, but the subsequent talks led to the already obvious result. Concerns were whether Russia would essentially agree to the proposal, if so, whether it would agree on 9 months.
In this case, the agreement stipulates an extension of the mining restrictions by March 2020.
The energy union between OPEC and non-OPEC countries, known as OPEC +, has reduced yields since 2017. At present, restrictions limit the yield to 1.2 million barrels per day. Donald Trump is unlikely to like recent oil events, especially since he has urged Saudi Arabia to produce more to keep prices down.
Source: CNBC
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