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The organization of the Petroleum Exporting Countries is considering a six-to-nine-month extension of its current deal to cut production. Under the current deal, production has been reduced to 1.2 million barrels per day since January 2019. OPEC and its allies have been reducing oil output to prevent prices from sliding and it's soaring production from the US. Tensions between the US and Iran has propped up oil prices in recent years in recent days rather. The International Energy Agency says demand could weaken in the long run.
