Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices

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Follow us on Image Source : REUTERS REPRESENTATIONAL IMAGE Dubai: OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. Oil prices trade near $80 per barrel, below what many OPEC+ members need to balance their budget. Worries over slow demand growth in top oil importer China have weighed on prices alongside rising oil stocks in developed economies. The Organization of the Petroleum Exporting Countries and allies led by Russia, together...