The current deal to support prices reduced production by 1.2 million barrels per day starting from January 1 for six months, and will now run into next year with the extension.
OPEC and its oil-producer allies decided in December to trim daily crude output by 1.2 million barrels after prices tanked at the end of last year on fears of slower global growth.
Iranian oil minister Bijan Zanganeh has regretted that some members of the Organization of the Petroleum Exporting Countries (OPEC) have turned the group into a political forum.
“Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down,” Trump told reporters.
United States President Donald Trump announced on his twitter account that Saudi Arabia and other OPEC member states have agreed on the US' demand to boost oil production.
Nulling sanctions exemptions for some major economies including Turkey and China, the US is moving against Tehran at full throttle, sparking angry responses from Beijing and Ankara.
Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.
Qatar's departure from OPEC has exposed the creaky foundations of the oil cartel.
Except for Qatar, the oil producing gulf countries are adamant on raising oil prices to fill budget deficits.
US lawmakers are considering a legislation that would pave the way for suing OPEC for manipulating oil prices. But changing market conditions could save the global oil cartel.
Organization of the Petroleum Exporting Countries (OPEC) said they would cut 800,000 barrels per day for six months from January, causing a sharp spike in oil prices.
Crude prices have been falling since October because major producers — including the US — are pumping oil at high rates and due to fears that weaker economic growth could dampen energy demand.
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