OPEC+ decides to postpone production increase until end of year ahead of US presidential election

OPEC+, a consultative body between the Organization of Petroleum Exporting Countries (OPEC) and major oil producers, has announced that it will delay its planned gradual increase in production until the end of this year.

The Associated Press reported on the 3rd local time that OPEC+ has decided to postpone the start of production increase by one month from the original schedule.

OPEC+ did not give a detailed reason for the decision ahead of the U.S. presidential election.

Earlier in June, OPEC+ announced it would extend its 2.2 million barrel-per-day production cut to September and then gradually reduce its monthly production cuts until September next year.