Reuters ahead on news that OPEC extended oil supply cuts to March 2020
On July 1, Reuters was first to report that the Organization of the Petroleum Exporting Countries agreed to extend oil supply cuts until March 2020. The group’s members put their differences aside in order to prop up the price of crude against a backdrop of weakening global economic growth and soaring U.S. production. OPEC and its allies led by Russia have curbed oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has overtaken Russia and Saudi Arabia to become the world’s top producer. Prices promptly rallied in response to the news, with Brent crude rising as much as $2 on Monday towards $67 per barrel before paring gains.