Eight members of the OPEC+ group oil producing countries said on Sunday that they were extending supply cuts until the end of December.

The countries “agreed to extend the voluntary production adjustments of 2.2 million barrels per day from November 2023 by one month until the end of December 2024,” the organization said in a statement.

The eight OPEC+ countries are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.

They have delayed production increases due to concerns about slowdown in demand in China and the United States, which has weighed on oil prices in recent months.

© Agence France-Presse