FILE - A photographer takes pictures of the Khurais oil field during a tour for journalists, 150 km east-northeast of Riyadh, Saudi Arabia, on June 28, 2021. Saudi Arabia and Russia are extending cuts to the amount of oil they pump to the world to try to prop up prices, showing how two of the world's largest oil producers are scrambling to boost income from the fossil fuel even as demand has weakened with the economy. The move Monday, July 3, 2023, gave a slight boost to oil prices and comes after the Saudis announced a large cut in output for July at the latest meeting of the OPEC+ coalition of oil producers. (AP Photo/Amr Nabil) (Amr Nabil, Copyright 2021 The Associated Press. All rights reserved)
Saudi Arabia and allied oil producing countries said on Sunday they would postpone a plan to gradually increase oil output until the end of the year, extending their output cuts by one month.
No reason was given for the move, which comes ahead of the U.S. presidential election on Tuesday.
On Sunday, the group, which includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, extended the cuts again by one month until the end of December. The announcement was made on the website for the OPEC+ alliance.
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