Opec and Russia have struck a cautious deal to boost oil supply from January, as producer countries seek to release more barrels into the market despite new waves of coronavirus persistently weighing on demand.
Producers agreed to raise output by 500,000 barrels a day in January, according to delegates, far below the 2m b/d initially agreed. From the start of 2021, production levels will be decided at monthly ministerial meetings.
The meeting of oil ministers began on Thursday, two days after it was initially scheduled, with key countries in the Opec+ group — which includes the cartel and Russia — at loggerheads over whether to taper the production cuts in January as initially agreed.
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