Saudi Arabia and its allied oil-producing nations announced on Sunday that they would defer plans to gradually boost oil production until the year’s end, thereby prolonging their existing production cuts for an additional month.

No specific explanation was provided for this decision, which coincides with the upcoming U.S. presidential election on Tuesday.

Back in June, the Organization of the Petroleum Exporting Countries (OPEC) revealed a scheme involving voluntary reductions of 2.2 million barrels per day, which were slated to continue until September. The plan included a gradual decrease of these cuts each month, with the aim of complete phase-out by September 2025. However, OPEC later decided to extend these cuts through November.

On Sunday, the coalition—comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—announced yet another extension of the production cuts, now prolonging them until the end of December. This information was shared on the official OPEC+ alliance website.

Recently, oil prices have been on a slight decline, primarily due to sluggish global demand, which has begun to overshadow concerns regarding a possibly expanded conflict in the Middle East.