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

The move is aimed at pushing up oil prices amid uncertain demand and accelerating supply ahead of the looming US presidential election, although analysts predict a limited impact.

The eight countries “agreed to extend by one month until the end of December 2024 the voluntary production adjustments of November 2023 of 2.2 million barrels per day”, declared the Organization of the Petroleum Exporting Countries, based in Vienna, in a press release.

The eight members of the group of 22 extending the cuts are the leaders of Saudi Arabia and Russia, as well as Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates .

They have delayed production increases due to concerns over slowing demand, which has weighed on oil prices in recent months.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said the announcement was “the logical next step in the face of persistent downward pressure on oil prices due to China’s weakness, the weakening outlook for global demand and abundant supply from non-OPEC countries.

But any rise in oil prices would “probably not last” unless OPEC+ “takes further steps to restrict production,” Ozkardeskaya told Agence France-Presse.

Even then, “their restraint strategy has not led to a sustainable rise in oil prices,” she said, adding that the group now accounts for less than half of global oil production.

Jorge Leon, an analyst at Rystad Energy, said OPEC+ was awaiting the results of the US presidential election on November 5, which “will have a significant impact on the oil market.”

“I’m not sure who would prefer OPEC, but a trade war would lead to lower demand,” Leon told AFP, adding that a trade war was “likely” if Republican Donald Trump won.

OPEC+ ministers are due to meet in early December in Vienna at the group’s headquarters, but with Sunday’s announcement, the eight countries have already decided not to reopen the taps until at least early 2025.

During the last ministerial meeting in June, OPEC+ again announced that it wanted to increase its production from October, while emphasizing that this decision could be reviewed at any time.