OPEC+ agreed to pause its planned oil output hike for October and November as prices have dropped to their lowest in months.

The oil-producing bloc revealed on Thursday that eight member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to extending cuts.

The decision reverses a planned increase in oil production to 180,000 barrels a day in October. 

The eight countries have agreed to cut production by 2.2 million barrels per day through the end of November. These cutbacks will be phased out starting Dec. 1, according to the group.

In Thursday’s announcement, the group said two of the member countries, Iraq and Kazakhstan, have been overproducing barrels since January.

Crude oil prices, which had fallen to the lowest levels of the year in recent days, rose in reaction to the news that the production cuts would be extended. Benchmark Brent crude was up about 0.6% late Thursday morning.

Low prices have alleviated some pressure on consumers amid rampant inflation, keeping oil and gas prices top of mind for voters ahead of the 2024 presidential election. Industry experts warned that the production increase could have caused prices to drop even further, reaching as low as $50 a barrel, Bloomberg reported. 

“OPEC+ faced a binary choice between delaying tapering and enduring a disorderly crude price rout,” said Bob McNally, president of consultant Rapidan Energy Group and an ex-White House official. “It appears to have chosen the former.”

Sources previously told Reuters that the group was considering walking back the production increase because of output disruptions in Libya from facility shutdowns. The country’s eastern government shut down production of 500,000 barrels a day over an attempted ousting of Sadiq al Kabir, who heads Libya’s central bank. 

However, Kabir has hinted at a resolution over the output disruptions, saying on Tuesday that there were “strong” indications of a nearing agreement, according to Bloomberg. 

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The production hike walkback was also reportedly influenced by weakening demand from China. 

China, one of the largest consumers for OPEC, has begun to shift its focus toward renewable energies. This transition may cause members of the group to produce less oil in the near future.