The 23 members of OPEC and non-OPEC coalition, known as OPEC+, made an agreement during the 22nd OPEC and non-OPEC Ministerial Meeting, held via video conference on Thursday, to add further 400,000 bpd to their crude oil output despite pressures by the U.S. President, Joe Biden.

Meanwhile, the group agreed to hold the 23rd OPEC and non-OPEC Ministerial Meeting on December 2.

OPEC and its allies cut their crude oil output by a record amount in 2020 as COVID-19 pandemic and the global lockdown measures decreased fuel demand.

The coalition reduced its crude oil production by 9.7 million bpd in May 2020, then eased cuts as oil demand recovered.