VIENNA - OPEC members won the support Tuesday of other major oil producing nations to extend a production cut for another nine months in a bid to shore up prices at a time of waning demand.
Member nations of the Organization of the Petroleum Exporting Countries on Monday agreed to the extension. With strong backing from Russia, the biggest member of the non-OPEC group meeting Tuesday, the others unanimously approved the proposal.
The current deal to support prices reduced production by 1.2 million barrels per day starting from Jan. 1 for six months, and will now run into next year. Most of the cuts came from OPEC nations, who agreed to reduce 800,000 barrels per day, with the rest coming from Russia and other non-OPEC countries.
The cuts were aimed to put upward pressure on the price of oil and reduce oversupply.
Though tensions between the U.S. and Iran and attacks on tankers near the Strait of Hormuz have pushed up oil prices in recent days, there are concerns among members that over the longer term demand could weaken due to slower global growth. The International Energy Agency, a group of oil consuming countries, cut its demand estimate earlier this month.
The price of Brent crude, the international standard, dropped 0.5 percent Tuesday to $64.76 a barrel.