OPEC+ is an understanding between The Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation to ensure a balance between oil supply and demand.
The reason behind the increase in oil production by Saudi Arabia and other producers in the past few months is because of the USA sanctions over the Iranian oil exports, but the waivers provided by the US allowed Iran to export fewer barrels in the market than expected.
Peter Kiernan, lead energy analyst at the Economist Intelligence Unit, added, "OPEC is grappling over how to manage the expected weaker fundamentals in the oil market next year, yet the uncertainty about what the group will do at its meeting next week is causing markets to be more anxious".
Russian President Vladimir Putin announced the extension after a meeting Saturday at the G20 meeting in Argentina with Saudi Arabian Crown Prince Mohammed bin Salman.
By the time trading had finished for November on Friday, the prices of Brent and the U.S. marker crude - West Texas Intermediate had lost more than 20% over the month, the biggest monthly percentage loss in a decade as traders fretted over a signs of a growing glut in global supplies.
Prices, however, significantly pared much of their early Friday losses as speculation has grown over a potential production cut by major oil producers, ahead of the OPEC meeting.
The focus now shifts to a meeting by OPEC on December 6.
IG Market Analyst, Kyle Rodday says the news post-OPEC meeting could be significant.
Both main contracts have plunged by about a third since hitting four-year highs at the start of October, hit by a number of factors including easing demand, high production, softer-than-expected United States sanctions on Iran and a global growth slowdown.
Brent jumped as much as 4.6 percent on Monday in London, hitting $62.20 a barrel on the ICE Futures Europe exchange.
France's President Emmanuel Macron, who has faced intense protests against growing gasoline prices in his country, also called for cheaper oil at the G-20 summit. The January contract rose about 1% for the week.
US crude oil CLc1 was up $1.37 a barrel, or 2.7 percent, to $52.37 a barrel as of 6:07 p.m. EST (2307 GMT), while Brent LCOc1 , the worldwide benchmark, gained $1.31 a barrel, or 2.2 percent, to reach $60.77 a barrel. However, WTI prices lost 20.9% in November.
In the meantime, USA estimated oil output has increased by 11.7 Million bpd. It ended November down around 22%. WTI was down 7 US cents to settle at 51.56 dollars a barrel, while Brent dipped 0.27 dollar to close at 60.21 dollars a barrel.
Friday saw Baker Hughes report that the number of active domestic rigs drilling for oil rose by 2 to 887 last week.
To maximize revenue, the government pumped a record 4.69 million barrels a day in October.