Eight member countries of the OPEC+ oil-producing group decided Thursday to extend their voluntary output cuts by two months until the end of November amid sliding oil prices.

OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies. The eight OPEC+ countries are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

Following a virtual meeting earlier on Thursday, the eight nations said in a statement that they have agreed to extend their voluntary production cuts of 2.2 million barrels per day for two months until the end of November. These cuts, first announced in November 2023, were scheduled to be gradually phased out starting October this year, as agreed upon by the countries in June.

According to Thursday's statement, the countries have postponed the gradual phase-out of their voluntary supply cuts to December this year, with "the flexibility to pause or reverse the adjustments as necessary."

Concerns over weak oil demand have weighed on crude prices recently, with the West Texas Intermediate (WTI) crude tumbling below 70 U.S. dollars a barrel for the first time since December 2023.

On Thursday, the eight OPEC+ countries also emphasized "their collective resolve to ensure full compliance with the voluntary production adjustments," according to the statement.

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