The 23 members of OPEC and non-OPEC, known collectively as OPEC+, agreed during the 21st OPEC and non-OPEC Ministerial Meeting, held via video conference on Monday, to increase their total crude oil output by 400,000 bpd in November regardless of what the White House had pushed for.  

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

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. But, they have eased their production cuts as oil demand recovered.

Moreover, the 22nd OPEC and non-OPEC Ministerial Meeting is scheduled to be held on November 4.