An oil tanker is on fire in the sea of Oman, Thursday, June 13, 2019. Two oil tankers near the strategic Strait of Hormuz were reportedly attacked on Thursday, an assault that left one ablaze and adrift as sailors were evacuated from both vessels and the U.S. Navy rushed to assist amid heightened tensions between Washington and Tehran. (AP Photo/ISNA)
Iranian Students News Agency via AP
An oil tanker is on fire in the sea of Oman, Thursday, June 13, 2019. Two oil tankers near the strategic Strait of Hormuz were reportedly attacked on Thursday, an assault that left one ablaze and adrift as sailors were evacuated from both vessels and the U.S. Navy rushed to assist amid heightened tensions between Washington and Tehran. (AP Photo/ISNA)
Now playing
01:45
Why the Strait of Hormuz is so important for oil
Now playing
01:27
See the first community of 3D-printed homes
Now playing
04:22
Levi's CEO has message for Mitch McConnell
Elon Musk's Neuralink says this monkey is playing Pong with its mind
From Neuralink/Youtube
Elon Musk's Neuralink says this monkey is playing Pong with its mind
Now playing
01:41
Elon Musk's company says this monkey is playing Pong with his mind
CNN
Now playing
02:36
The truth behind Covid-19 vaccines for sale on the dark web
Heinz ketchup packets are shown in New York on Monday, August 22, 2005. H.J. Heinz Co., the world's biggest ketchup maker, said first-quarter profit fell 19 percent on expenses to cut jobs and sell businesses.  (Photo by Andrew Harrer/Bloomberg via Getty Images)
Andrew Harrer/Bloomberg/Getty Images
Heinz ketchup packets are shown in New York on Monday, August 22, 2005. H.J. Heinz Co., the world's biggest ketchup maker, said first-quarter profit fell 19 percent on expenses to cut jobs and sell businesses. (Photo by Andrew Harrer/Bloomberg via Getty Images)
Now playing
01:53
Restaurants face a nationwide ketchup packet shortage
CNN
Now playing
03:53
Norwegian Cruise Line CEO to CDC: We want to be treated fairly
Getty Images
Now playing
02:18
This airplane-shaped bag is selling for more than some actual planes
A medical worker prepares to administer a dose of the AstraZeneca vaccine in Belgrade, Serbia, Tuesday, March 23, 2021. American federal health officials say results from a U.S. trial of AstraZeneca's COVID-19 vaccine may have included "outdated information" and that could mean the company provided an incomplete view of efficacy data. (AP Photo/Darko Vojinovic)
Darko Vojinovic/AP
A medical worker prepares to administer a dose of the AstraZeneca vaccine in Belgrade, Serbia, Tuesday, March 23, 2021. American federal health officials say results from a U.S. trial of AstraZeneca's COVID-19 vaccine may have included "outdated information" and that could mean the company provided an incomplete view of efficacy data. (AP Photo/Darko Vojinovic)
Now playing
03:46
These are all the complications AstraZeneca's vaccine has faced
A driver rides his car in front of the Lyft Drivers Hub in Los Angeles, California, March 29, 2019. Ride-hailing company Lyft made its Initial Public Offering (IPO) on the Nasdaq Stock Market on March 29th. (Photo by Apu Gomes/AFP/Getty Images)
Apu Gomes/AFP/Getty Images
A driver rides his car in front of the Lyft Drivers Hub in Los Angeles, California, March 29, 2019. Ride-hailing company Lyft made its Initial Public Offering (IPO) on the Nasdaq Stock Market on March 29th. (Photo by Apu Gomes/AFP/Getty Images)
Now playing
04:55
Lyft co-founder: Supporting voter access is important for business
Citigroup Chairman Richard Parsons delivers remarks on the US economy at the New York State Bar Association meetings in New York, January 28, 2009. Troubled US banking giant Citigroup last week named Parsons as its new chairman, the longtime top executive at media giant Time Warner, to steer it through its most challenging period.  AFP PHOTO / Emmanuel Dunand (Photo credit should read EMMANUEL DUNAND/AFP via Getty Images)
EMMANUEL DUNAND/AFP/AFP via Getty Images
Citigroup Chairman Richard Parsons delivers remarks on the US economy at the New York State Bar Association meetings in New York, January 28, 2009. Troubled US banking giant Citigroup last week named Parsons as its new chairman, the longtime top executive at media giant Time Warner, to steer it through its most challenging period. AFP PHOTO / Emmanuel Dunand (Photo credit should read EMMANUEL DUNAND/AFP via Getty Images)
Now playing
02:47
Dick Parsons: Georgia law is a bald-faced attempt to suppress Black vote
Resturant Yurkevcih Pkg 1
CNN
Resturant Yurkevcih Pkg 1
Now playing
02:55
Restaurants are still struggling, but see hope on the horizon
WASHINGTON, DC - SEPTEMBER 16:  Patrick Soon-Shiong, chairman and CEO of the Institute for Advanced Health, participates in a discussion at the Bipartisan Policy Center, September 16, 2014 in Washington, DC.  The Bipartisan Policy Center released a report titled Innovative Strategies from America's Business Leaders.  (Photo by Mark Wilson/Getty Images)
Mark Wilson/Getty Images North America/Getty Images
WASHINGTON, DC - SEPTEMBER 16: Patrick Soon-Shiong, chairman and CEO of the Institute for Advanced Health, participates in a discussion at the Bipartisan Policy Center, September 16, 2014 in Washington, DC. The Bipartisan Policy Center released a report titled Innovative Strategies from America's Business Leaders. (Photo by Mark Wilson/Getty Images)
Now playing
04:04
Patrick Soon-Shiong: We have to recognize racism and 'break it'
ATLANTA, GA - MARCH 03: Demonstrators stand outside of the Georgia Capitol building, to oppose the HB 531 bill on March 3, 2021 in Atlanta, Georgia. HB 531 will add controversial voting restrictions to the state's upcoming elections including restricting ballot drop boxes, requiring an ID requirement for absentee voting and limiting weekend early voting days. The Georgia House passed the bill and will send it to the Senate. (Photo by Megan Varner/Getty Images)
Megan Varner/Getty Images
ATLANTA, GA - MARCH 03: Demonstrators stand outside of the Georgia Capitol building, to oppose the HB 531 bill on March 3, 2021 in Atlanta, Georgia. HB 531 will add controversial voting restrictions to the state's upcoming elections including restricting ballot drop boxes, requiring an ID requirement for absentee voting and limiting weekend early voting days. The Georgia House passed the bill and will send it to the Senate. (Photo by Megan Varner/Getty Images)
Now playing
02:24
Coca Cola, Delta Airlines strike back at Georgia voting laws
Now playing
03:08
'I want women to be as rich as humanly possible': Meet TikTok's wealth coaches
Now playing
05:41
NFTs have completely transformed these digital artists' lives
(CNN Business) —  

OPEC announced on Monday it will restrict the supply of oil for another nine months in a bid to support prices pressured by weakening economic growth and skyrocketing American production.

After five hours of wrangling in Vienna, the group unveiled an agreement to extend until the end of March 2020 the production cuts that were first implemented in 2017. Those cuts were due to expire.

OPEC said its decision was based in part on the fact that “economic bearishness is now increasingly prevalent” because of trade tensions, central bank policies and “geopolitical issues.”

Additionally, OPEC agreed in principle to formalize a charter for cooperation with non-member producers such as Russia despite objections from Iran, which insisted the agreement must be ratified by national governments.

Saudi Arabia, the biggest producer within OPEC, and Russia, its most important outside ally on oil policy, met over the weekend to discuss extending the supply curbs that were first introduced after global oil prices crashed.

Saudi oil minister Khalid Al-Falih met with his Russian counterpart Alexander Novak on the sidelines of a summit of G20 leaders in Osaka, Japan.

“During the meeting, they discussed the options for extending the OPEC + deal, as well as the cooperation in the oil and gas sector between the Kingdom of Saudi Arabia and Russia,” the Saudi Press Agency reported.

Oil prices rallied on Monday in anticipation of the OPEC news and in response to the truce in the trade war between the United States and China. US oil prices finished the day 1.1% higher, giving back some earlier gains.

Ministers from OPEC members are meeting at the group's HQ in Vienna.
Stefan Wermuth/Bloomberg via Getty Images
Ministers from OPEC members are meeting at the group's HQ in Vienna.

The production cuts won the support of Iran, Saudi Arabia’s regional rival, despite rising tensions between the two countries over the war in Yemen and attacks on oil tankers in the Strait of Hormuz.

It won’t please President Donald Trump, however, who has repeatedly called for OPEC to pump more oil to keep US gas prices in check.

US sanctions on Iran helped drive prices sharply higher in the first four months of this year. Iran’s oil exports have slumped since the expiry in May of waivers allowing some of its biggest customers, such as India, to continue buying without fear of US legal action.

The United States has overtaken Saudi Arabia and Russia to become the world’s biggest oil producer, thanks in large part to a boom in the Permian Basin in West Texas. Its imports from OPEC plunged to their lowest level in three decades earlier this year.