Eight member countries of the OPEC+ oil-producing group anounced on Sunday to further extend their voluntary output cuts by a month, pushing the reductions through the end of December in response to ongoing weak oil prices.

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

In a statement, OPEC confirmed that these 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 countries also reiterated their commitment to "achieve full conformity" with their production targets and to compensate for any overproduction by September 2025.

This decision follows an earlier move in September when the eight countries extended their voluntary production cuts, originally due to expire at the end of September, by an additional two months.

Oil prices have generally trended downward in recent weeks amid concerns over slowing global demand.

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