The Organization of Petroleum Exporting Countries announced Thursday that eight members of the energy cartel will postpone planned production increases after crude prices fell to their lowest levels in fourteen months this week.
Citing a weakened global economy and concerns over demand in China and the United States, the Vienna-based group said that the current output reductions of 2.2 million barrels a day will be continued through the end of November.
The participating nations in the voluntary cutbacks were identified as Algeria, Iraq, Kazakhstan, Kuwait, Russia, Oman, Saudi Arabia, and the United Arab Emirates.
Oil prices increased early in the day following the statement, but Brent futures eventually settled and closed at $72.69 per barrel.
