The Organization of the Petroleum Exporting Countries (OPEC) announced on November 3 that eight members of the OPEC+ oil-producing group decided to extend voluntary production cuts by one month until the end of December in response to the current weak oil prices.

Countries that have exceeded their production quotas since the beginning of 2024 will fulfill their compensatory production cut obligations by September 2025.

It was OPEC's third extension of voluntary production cuts since November 2023.

The international crude oil prices rose following OPEC+'s decision to extend these voluntary production cuts today (November 4).