The 23 members of coalition, known as OPEC+, made an agreement during the 13th OPEC and non-OPEC Ministerial Meeting held via video conference on Tuesday to cut crude oil output by 7.125 million bpd for February and 7.050 million bpd for March, allowing Russia and Kazakhstan to add 75,000 bpd to their total production in next two months. Therefore, Russia and Kazakhstan will raise output by 65,000 bpd and 10,000 bpd respectively.

According to the agreement, total crude oil production of Russia and Kazakhstan will increase by 75,000 bpd in February and March, 150,000 bpd in total.

Moreover, Iran, Venezuela and Libya are still exempt from any output cuts.

OPEC+ members decided the next meeting to be held at JMMC level on February 3. Meanwhile, the group will hold next meeting in March to review the latest changes.

OPEC and allied producers cut their crude oil output by a record amount in 2020 as global lockdown measures slashed fuel demand.

OPEC+ reduced its crude oil production by 9.7 million bpd from May to July 2020, then eased cuts to 7.7 million bpd from August and ultimately to 7.2 million bpd as of January, 2021.