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

Saudi Arabia and allied oil producing countries say they will postpone a plan to gradually increase oil output until the end of the year. The group extended output cuts by one month. No reason was given for the move on Sunday, which comes ahead of the U.S. presidential election on Tuesday. In June, OPEC said 2.2 million barrels a day in voluntary cuts were extended until September but would then be gradually reduced month by month until they are eliminated by September 2025. OPEC later extended the cuts until November. On Sunday, they extended the cuts again by one month.