FILE – Oil workers stand on a new rig Tuesday, June 17, 2008, in the Sakhir, Bahrain, desert. Saudi Arabia and allied oil producing countries face a decision Sunday, June 2, 2024, on whether to extend production cuts set to expire next month — a move that could push oil prices higher as the summer travel season increases demand for fuel and as the U.S. presidential election contest heats up. (AP Photos/Hasan Jamali, File)
Vienna, Austria — Eight members of the OPEC+ group of oil-producing nations said on Sunday they were extending supply cuts until the end of December.
The countries “have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024”, the organization said in a statement.
READ: OPEC+ keeps output policy steady as oil nears $90 a barrel
The eight OPEC+ nations are Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
They have been delaying production increases amid concerns over slowing demand in China and the United States, which has weighed on oil prices in recent months.