The Organisation of the Petroleum Exporting Countries (OPEC) and its allies have agreed to suspend plans for a further increase in crude oil production and maintain current output levels in October.

OPEC disclosed this in a statement on Sunday following a virtual meeting of seven member countries that had previously implemented additional voluntary production adjustments in April and November 2023.

The decision means the participating countries will keep their October production at the existing level rather than proceed with a planned output increase.

The group said the decision was taken after reviewing current market conditions and the outlook for the global oil market.

OPEC+ members are expected to continue monitoring market developments as they assess future production adjustments.