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International Business Times
International Business Times
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AFP News

FORGOTTEN HISTORY: Several countries extend oil cuts to boost prices | History Defined

Oil OPEC Jorge Leon Moscow Riyadh Russia
Russia's invasion of Ukraine in 2022 sent oil prices soaring to $140 (Credit: AFP)

Moscow, Riyadh and several other OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty.

The plan to extend cuts to mid-2024 comes on top of previous cuts to both oil output and exports as some of the world's largest energy producers drive to push up market rates.

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