OPEC said in the statement, “Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman agreed to extend the voluntary production adjustments amounting to 2.2 million barrels per day for a month until the end of December.”
It was scheduled to be lifted OPEC+ groupThe group, which includes the countries of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies, increased production by 180,000 barrels per day in December, and had previously postponed the increase from October, in light of weak demand, especially from China, and increased supply from outside the group.
The decision to postpone the increase was taken today after consultations between ministers, according to what Reuters reported.
