- Members of the oil cartel OPEC and their partners have agreed to raise output slightly in February and March, but only in Russia and Kazakhstan.
- To ensure the market is not flooded with oil while pandemic-related risks to demand remain high, OPEC kingpin Saudi Arabia decided to cut its own production by one million barrels per day in both months.
- The decision represents a compromise between two of the biggest oil producers, Russia and Saudi Arabia, because Moscow had wanted to raise overall crude output by 500,000 barrels per day starting in February.
- Demand for crude fell under the effects of the virus in 2020 and oil-producing nations have been trying to adjust output accordingly to underpin prices.