OPEC and non-OPEC members, known as OPEC+, reached an agreement on an increase in crude oil output by as much as 500,000 bpd for January, 2021. Also, the decision on the amount of easing crude oil cuts in the future months will be made based on the global oil markets condition during a meeting due to be held by the group every month.

According to the group, the collective crude oil output cuts by OPEC+ members will decrease from 7.7 million bpd to 7.2 million bpd in January 2021, down by 500,000 barrels. This will continue until the total increase reaches 2 million bpd.

Meanwhile, those countries that did not fully comply with the agreement have to compensate for the amount by March, 2021.

OPEC and its allies will comply with 7.7 million bpd of production curbs in December.

Iran, Venezuela and Libya are exempt from any cuts.