OPEC countries extend reduced oil production

The eight countries within the Opec-plus alliance have decided to extend the voluntary reduction of oil production until the end of November.

The decision goes against earlier plans for increased oil production. One reason is falling crude oil prices.

The Opec countries also state that demand has decreased in China and the USA. The reduction of 2.2 million barrels per day will be gradually phased out from December 1.

Opec-plus includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.