The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries agreed to adjust oil production by 0.5 million barrels per day (mmbbl/d) from 7.7 mmbbl/d to 7.2 mmbbl/d, during its meeting held on December 3, a press release reported.

The meeting also agreed to extend the compensation period established since the last OPEC and Non-OPEC Ministerial Meeting (ONOMM) for the period starting from January until the end of March 2021 due to the renewed lockdowns resulted from COVID-19.

Declaration of Cooperation (DoC) participating countries agreed to hold monthly ONOMM to asses market conditions and decide on further production adjustments not more than 0.5 mmbbl/d.