OPEC+ agree to increase oil output from January

Oil

The OPEC+ coalition has officially agreed to ease their oil production cuts to 7.2M b/d (or around 7% of global demand) from January, increasing their collective output by 500K b/d, Reuters report. The group is yet to come to a consensus about the time frame for the new cuts however and have instead announced that they will meet on a monthly basis to review and adjust these output policies. The additional compensatory cuts which were introduced for countries that had previously produced over their quota allowance have also been extended until the end of March.