Key members of OPEC+ alliance to put off increasing oil production

Key members of the OPEC+ alliance have agreed to put off production increases amid slack prices (AP Photo/Lisa Leutner, File)

Members of the OPEC+ alliance of oil exporting countries decided on Thursday to put off increasing oil production as they face weaker-than-expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year.

The OPEC+ members decided at an online meeting to postpone production increases, which had been scheduled to take effect on January 1.