The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, agreed on Sunday to extend crude oil output cuts until the end of 2025 in order to shore up the market amid high interest rates and rising rival US production.A statement issued today by OPEC+ said that it was agreed to extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the Declaration of Cooperation starting 1 January 2025 until December 31, 2025.The OPEC+ members have made a series of oil output cuts since late 2022, and they are currently cutting output by a total of 5.86 million barrels per day.Source: Qatar News Agency