The Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, have agreed to increase oil production by 500,000 barrels per day starting in January, according to The Wall Street Journal, citing people familiar with the matter. OPEC+ production cuts currently stand at 7.7 million barrels a day, but the group was due to relax the reductions to 5.8 million barrels a day at the start of 2021 through the end of April 2022. Ahead of the meeting, which had been postponed by two days, the market had expected OPEC+ to extend the current output cuts into the new year. In a tweet, Amena Bakr, deputy bureau chief and chief OPEC correspondent at Energy Intelligence, said that after the 7.7 million barrels per day in output cuts are eased by 500,000 barrels per day in January, ministers will hold meetings to see if another 500,000 barrels per day could be added until 2 million barrels per day is reached. In Thursday dealings, January West Texas Intermediate crude
CLF21,
was up 19 cents, or 0.4%, at $45.47 a barrel on the New York Mercantile Exchange. February Brent crude
BRNG21,
added 28 cents, or 0.6%, to $48.53 a barrel on ICE Futures Europe.