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China's Xi Jinping at APEC: Uyghurs, Tibet, Hong Kong protesters want to make the world aware of the disappearances, detentions and changing demography tactics of the Chinese
OPEC and its allies began two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.
OPEC+ decided at its last gathering on June 2 to increase output each month by 648,000 barrels per day (bpd) in July and August, up from a previous plan to add 432,000 bpd per month.
The decision was taken by all ministers before the formal start of the OPEC+ meeting.
Oil hit a 14-year high of $139 a barrel earlier on Monday as worries grew over supply shortages as buyers shunned cargoes from No. 2 oil exporter Russia.