A group of major oil-producing countries announced they would delay a planned production increase starting next month. This move by OPEC+ is apparently aimed at supporting oil prices.
OPEC+ includes the Organization of the Petroleum Exporting Countries and other major producers such as Russia.
The group said on Sunday it had agreed to extend voluntary production cuts by a month until the end of December. Eight of its members are currently reducing their production by 2.2 million barrels per day.
This latest postponement follows that announced by the group in September. OPEC+ had planned to start increasing supply in October, but postponed the operation for two months.
Global oil demand could be affected by the slowdown in the Chinese economy and rising tensions in the Middle East following repeated strikes between Israel and Iran.
OPEC+ is apparently monitoring market developments while supporting oil prices through the postponement of supply increases.
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