The 23 members of OPEC+, a group combining OPEC and allied producers, made an agreement on Thursday during the 14th OPEC and non-OPEC Ministerial Meeting, held via video conference, to keep the current crude oil output cuts of 18 members in place for April and allowed Russia and Kazakhstan to add 150,000 bpd to their total production.

Therefore, Russia and Kazakhstan will increase their oil production by 130,000 and 20,000 bpd, respectively, with which OPEC+ collective crude oil output cuts will reach 6.9 million bpd in April.

Meanwhile, Saudi Arabia will continue its voluntary production cut of 1 million bpd in April.

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

OPEC+ members also decided to hold the next meeting on April 1. Moreover, the next JMMC meeting will be on March 31 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.

The group 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.

During the meeting in January, OPEC+ reached a consensus on crude oil output cuts of 7.125 million bpd for February which decreased to 7.05 million bpd for March.