OPEC and its allies are set this week to prolong oil output cuts to further boost prices, after the two biggest players Russia and Saudi Arabia agreed to do so. Ministers from the 14-nation Organization of the Petroleum Exporting Countries (OPEC) meet in Vienna on Monday to discuss output, before gathering a day later for OPEC+, a group of 24 oil-producing countries that includes Russia. Russian President Vladimir Putin and OPEC cartel kingpin Saudi Arabia agreed Saturday on the sidelines of the G20 in Osaka to extend their deal which aims to keep oil output low owing to abundant world supplies.
