The 23 members of OPEC and non-OPEC, known collectively as OPEC+, agreed during the 19th OPEC and non-OPEC Ministerial Meeting, held via video conference on Sunday, to raise their total crude oil output by 400,000 bpd on a monthly basis from August 2021 to December 2022, depending on the oil market conditions.

Meanwhile, the group agreed to change the production baseline for five countries, including Kuwait, Iraq, the UAE, Saudi Arabia and Russia, as of May 2022.   

The members decided to hold the 20th OPEC and non-OPEC Ministerial Meeting on September 1.

Iran, Libya and Venezuela are exempt from any cuts and Mexico will not take part in the deal.

OPEC and allied producers cut crude oil output by a record 9.7 million bpd in May 2020 as demand decreased due to the COVID-19 pandemic.