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At the end of the 12th OPEC and non-OPEC Ministerial Meeting, producers have agreed to lower the voluntary oil production cuts by 500,000 barrels per day (bpd) to 7.2 million bpd from January 2021, OPEC announced. 

In its press release, “participating counties agreed to hold monthly OPEC and non-OPEC ministerial meetings starting January 2021 to assess market conditions and decide on further production adjustments for the following month, with further monthly adjustments being no more than 0.5 mb/d,” OPEC further noted. 

Market reaction

Crude oil prices pushed higher following this decision. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $45.75, gaining 1.8% on a daily basis.