OPEC extends its oil output cuts by one month until the end of December

Saudi Arabia and allied lipid producing countries opportunity they will postpone a scheme to gradually summation lipid output until nan extremity of nan year

Saudi Arabia and allied lipid producing countries said connected Sunday they would postpone a scheme to gradually summation lipid output until nan extremity of nan year, extending their output cuts by 1 month.

No logic was fixed for nan move, which comes up of nan U.S. presidential election connected Tuesday.

In June, OPEC said 2.2 cardinal barrels a time successful voluntary cuts were extended until September but would past beryllium gradually reduced period by period until they are eliminated by September 2025. OPEC later extended nan cuts until November.

On Sunday, nan group, which includes Saudi Arabia, Russia, Iraq, nan United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, extended nan cuts again by 1 period until nan extremity of December. The announcement was made connected nan website for nan OPEC+ alliance.

Oil prices person been edging down arsenic weak world request overtakes nan consequence of a wider war successful nan Mideast.