Crude oil futures are higher Monday after Organization of the Petroleum Exporting Countries and its Allies (OPEC+) On Sunday, they extended their production cuts for another month.

Saudi Arabia and other OPEC+ members, including Russia, said they agreed to maintain voluntary production cuts of around 2.2 million barrels per day for a month until the end December. The production reduction had already been extended in September.

Extension of production cut comes amid weak oil prices

He did not give a reason for his decision to delay implementing his voluntary cuts, but oil prices have remained low this year despite escalating tensions in the Middle East. pressed by The Chinese economy is losing momentum.

Last month, OPEC reduces its prospects for oil demand for 2024 and 2025, citing data received so far this year.

Brent crude futures rose 2.5% to $75 a barrel Monday morning, while the U.S. benchmark West Texas Intermediate Texas (WTI) futures gained 2.8% to $71.40.