A group of major oil producing countries says it will delay an output increase planned from next month. The move by OPEC Plus is apparently intended to shore up oil prices.

OPEC Plus comprises the Organization of the Petroleum Exporting Countries and other major producers such as Russia.

The group said on Sunday that it has agreed to extend voluntary output cuts by one month until the end of December. Eight of its members are currently cutting their output by 2.2 million barrels per day.

The latest delay follows one the group announced in September. OPEC Plus had planned to start expanding supply in October, but postponed it by two months.

There is concern that global oil demand may be affected as China's economy slows and Middle East tensions rise over tit-for-tat strikes between Israel and Iran.

OPEC Plus is apparently watching market moves going forward while propping oil prices with the delay in expanding supply.