Eight OPEC+ members extend oil supply cuts until end of December

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 organisation said in a statement.

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.