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 OPEC and its allies agreed on Tuesday to extend oil output cuts until March 2020. The approval of the pact extension on Tuesday follows a decision by OPEC producers the previous day. The meeting on Tuesday also agreed on a charter for long-term cooperation between OPEC and non-OPEC producers led by Russia.

European powers who had entered into a nuclear deal with Iran said on Tuesday they were “extremely concerned” by Tehran’s breach of the 2015 deal by stocking up more low-enriched uranium than is permitted. "We regret this decision by Iran, which calls into question an essential instrument of nuclear non-proliferation," the foreign ministers of Germany, France and Britain said in a joint statement with the EU's High Representative on Iran. "We urge Iran to reverse this step and to refrain from further measures that undermine the nuclear deal," they said.

Late on Tuesday, industry group the American Petroleum Institute said that U.S. crude inventories fell last week by 5 mil  bbls, with crude stockpiles at Cushing, Oklahoma rising by 882,000 bbls.

Recent data showed that Venezuela’s oil export recovered in June, up 26 pct over May. PDVSA and its joint ventures exported 1.1 mil bpd of crude.

Libya’s Tripoli-based government said in a statement on Tuesday that dozens of people had been killed and wounded in an air strike blamed on the "war criminal Khalifa Haftar". Malek Mersek, a spokesman for a state emergency medical services, said 40 people had been killed and 80 wounded in the strike on the detention centre in the Tajoura suburb located next to a military camp.