OPEC and allies strike deal for lower production hike from January

Members of the OPEC group of oil producers struck a deal to increase production over coming months, but by less than anticipated in their previous accord.

“It has been decided to increase the amount of oil offered to the market from January 2021, with a total increase from OPEC+ countries of 500,000 barrels per day,” the Kazakh energy ministry said in a statement at the end of video-conference of countries in the OPEC+ club.

The previous agreement entailed a cut of 7.7 million barrels per day (bpd) and had been scheduled to be eased to 5.8 million bpd on January 1.