Saudi Arabia and other members of Opec+ have delayed a plan to begin raising oil production until the end of the year, as the group tries to revive crude prices that have continued to flag despite turmoil in the Middle East.
The world’s largest oil exporter and seven others, including Russia, Iraq, the UAE and Algeria, would leave all output cuts in place until the end of December, Opec said in a statement.
The eight countries had been due to start unwinding voluntary cuts, but have postponed the plan for at least another month amid persistent weakness in the oil price.
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