The Organization of the Petroleum Exporting Countries and its allied producers reached a consensus on extending the current crude oil output plan and raising their production by 400,000 bpd for December.
The 23 members of the OPEC and non-OPEC coalition, known as OPEC+, made an agreement during the 22nd OPEC and non-OPEC Ministerial Meeting, held via video conference, to add further 400,000 bpd to their crude oil output despite pressures by the U.S. President, Joe Biden.
Meanwhile, the group agreed to hold the 23rd OPEC and non-OPEC Ministerial Meeting during the first week of December.
OPEC and its allies cut their crude oil output by a record amount in 2020 as the COVID-19 pandemic and the global lockdown measures decreased fuel demand.
The coalition reduced its crude oil production by 9.7 million bpd in May 2020, then eased cuts as oil demand recovered.