OPEC, the cartel of major oil-producing countries, is doing all it can to keep oil prices from falling.
And during a six-hour meeting on Monday, the countries agreed to maintain their quota on oil supplies.
Oh Soo-young has more.
The world's major oil producers have agreed to keep production levels low for another nine months,... in a bid to stop oil prices from falling.
On Monday, the Organization of the Petroleum Exporting Countries agreed to extend oil production cuts until March 2020.
This comes amid concerns about the United States' increasing production of shale gas,... as well as falling demand amid a weakening global economy.
The global shift towards green energy,... amid fears over climate change,... has also taken its toll on oil prices.
The supply cuts,... which several non-OPEC countries like Russia have complied with,... were placed temporarily in 2017 to stop oil prices from sliding dramatically.
Since then, OPEC has been extending the length of the quota repeatedly,... keeping the cuts at a volume of about one-point-two million barrels a day. That's about one-percent of global consumption.
Following the announcement of OPEC's latest extension, Brent crude futures for September delivery added 32 cents a barrel to close at 65-point-zero-six U.S. dollars. New York crude climbed 62 cents finishing at 59-point-zero-nine dollars per barrel.
Oil prices have also surged after U.S. President Donald Trump and Chinese President Xi Jinping,... at the G20 meeting over the weekend,... agreed to resume talks to resolve their trade spat.
However, watchers say oil prices are not likely to rise significantly,... and that major oil producers will have to find long-term solutions to their structural challenges.
Oh Soo-young, Arirang News.