OPEC+ Agrees to Extend Oil Output Cuts as Demand Remains Weak

OPEC and its allies plan to extend crude oil production cuts to offset weak demand and support prices.
The group agreed in April to cut output by 3.7% of global demand and will decide this weekend whether to continue the curbs.
OPEC expects oil demand to recover slowly as major economies emerge from coronavirus lockdowns.
The output cuts have pushed oil prices higher, reducing losses for major producers like Saudi Arabia that rely heavily on crude export revenue.
Exempt OPEC members Iran, Libya and Venezuela will not contribute to additional voluntary cuts pledged by other producers in the group.