The Globe and Mail reports in its Monday edition that OPEC+ has decided to postpone a planned December oil output increase by one month due to weak demand, particularly from China and rising supply outside the group. A Reuters dispatch to The Globe reports that eight members were slated to raise output as part of a plan to gradually ease a 2.2-million-barrels-per-day production cut. However, concerns about adding more supply arose from weak demand and economic data, leading to the delay after ministerial consultations. OPEC announced that eight countries will extend the 2.2 million b/d oil cut until the end of December, emphasizing their commitment to meet production targets. Oil prices closed above $73 (U.S.) a barrel, bolstered by the delay in the OPEC+ increase, but still near this year's low of under $69 (U.S.) in September. The increase was previously postponed due to falling prices, weak demand and rising supplies. An easing of investor concern about conflict in the Middle East disrupting the region's oil output has also weighed on prices. OPEC and Saudi Arabia have repeatedly said they do not target a certain price and make decisions based on market fundamentals and in the interest of balancing supply and demand.