OPEC+ agrees to raise oil output by 500,000 bpd from January: Report

LONDON/DUBAI/MOSCOW (Reuters) – OPEC and Russia on Thursday agreed to a modest oil output increase from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year, four OPEC+ sources told Reuters.

The increase means the Organization of the Petroleum Exporting Countries and Russia, a group known as OPEC+, would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd.

The curbs are being implemented to tackle weak oil demand amid a second coronavirus wave.