Iraq, Kuwait, the United Arab Emirates, Russia and Saudi Arabia will extend an OPEC agreement for oil production cuts for another six months. OPEC recently agreed to a six month 1.2 million barrel per day oil production cut.
OPEC is trying to clear the oil markets of extra oil inventories and over-production.
There is weakening global economic growth and surging US oil supply.
Oil future prices dropped 11 percent last week. Brent crude traded below $54 a barrel which the lowest since September 2017.
US Oil production has the capability of increasing production by 4 million barrels per day over the next three years.