The OPEC and non-OPEC members, known collectively as OPEC+, agreed during the 20th OPEC and non-OPEC Ministerial Meeting, held via video conference on Wednesday, to continue with the increase of 400,000 barrels of crude oil output per day in October.

The coalition made an agreement during the 19th OPEC and non-OPEC Ministerial Meeting to raise their total crude oil output by 400,000 bpd on a monthly basis from August 2021 to December 2022.

The group also agreed to change the production baseline for five countries, including Kuwait, Iraq, the UAE, Saudi Arabia and Russia, as of May 2022, reaching 1.630 million bpd in total.

Moreover, the 21st OPEC and non-OPEC Ministerial Meeting are scheduled to be held on October 4.

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.