The Organization of the Petroleum Exporting Countries and its allies reached a compromise on Thursday to continue with the current agreement, increasing their crude oil output by 400,000 BPD for January.

Iran PressIran news: The 23 members of OPEC and non-OPEC coalition, collectively known as OPEC+, made an agreement during the 23rd OPEC and non-OPEC Ministerial Meeting, held via video conference on Thursday, to add an additional 400,000 BPD to their crude oil output despite the release from strategic oil reserves by major oil-consuming countries and the new Omicron COVID variant outbreak.

The group also agreed to hold an extraordinary meeting in case of an unforeseen event and an oversupply in the oil market.

On the 19th OPEC+ Ministerial Meeting in January, OPEC and its allied producers reached a consensus to raise their crude oil production by 400,000 BPD in total to end their output cuts of 5.8 million BPD. The agreement has been put into action since August.

The coalition cut their crude oil output by a record amount in 2020 as the COVID-19 pandemic and the global lockdown measures decreased fuel demand. They reduced its crude oil production by 9.7 million BPD in May 2020, then eased cuts as oil demand recovered.

Meanwhile, the group decided to hold the 24th OPEC and non-OPEC Ministerial Meeting on January 4, 2022.