A group of major oil-producing nations says it will respond to falling prices by delaying an output expansion planned from October.
OPEC Plus comprises the Organization of the Petroleum Exporting Countries and other major producers such as Russia.
It agreed in June that eight of 23 members, including Saudi Arabia and Iraq, would gradually phase out voluntary cuts of 2.2 million barrels per day from October.
But the group says those countries have agreed to extend their additional cuts for two months until the end of November.
The announcement comes as crude oil futures are on a decline. Demand is weakening on predictions that the US and Chinese economies will see slowdowns.
OPEC Plus indicated that it may review its decision, depending on the market situation “with the flexibility to pause or reverse the adjustments as necessary.”