The Swedish Academy has said it will postpone this year's Nobel Prize in Literature but plans to award it next year. The decision makers cited the "crisis" around sex abuse that has caused some Academy members to resign.

The Swedish Academy, which organizes the Nobel Prize in Literature, announced Friday that it will not award the 2018 honor due to sex abuse allegations that have raised turmoil among the academy members and cast critical light upon the prestigious annual award.

"The present decision was arrived at in view of the currently diminished academy and the reduced public confidence in the Academy," the academy's press release read.