Benchmark Brent oil prices rose on the news, trading up almost 5% above $53 per barrel at 2023 GMT. The deal - under which most producers will hold output steady - followed two days of talks by OPEC+, which groups OPEC and others including Russia. OPEC+ producers have been curbing output to support prices and reduce oversupply since January 2017. As COVID-19 hammered demand for gasoline and aviation fuel and slashed Brent oil prices, OPEC+ was forced to boost its output cuts to a record 9.7 million bpd in mid-2020. January’s 500,000 bpd rise in output narrowed OPEC+ cuts to 7.2 million bpd.

Source: bd News24 January 05, 2021 20:37 UTC