Saudi Arabia and Allies Delay Plan to Increase Oil Output

Saudi Arabia and seven other members of the oil-producing group known as OPEC Plus have announced that they will extend production cuts until at least December. This decision comes as oil prices have been under pressure recently. The move is a reversal from the plans announced in June to begin reducing production cuts. The price of Brent crude, the international benchmark, has dropped around 15% since July to approximately $72 per barrel. Weak demand and expectations of increased supplies from non-OPEC countries are contributing factors to the decline in oil prices. The decision to delay production increases aims to change the negative sentiment in the market.