The Organization of the Petroleum Exporting Countries and its allies reached a compromise on Sunday on an overall increase of crude oil output by 400,000 bpd per month to December 2022, as well as a baseline change for five countries.
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 baseline for five countries, including Kuwait, Iraq, the UAE, Saudi Arabia and Russia, setting it at the oil production of May 2021.
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.
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.