OPEC and its non-OPEC allies have agreed to increase production of oil by 500-thousand barrels a day starting January.
The decision came on on Thursday after days of tense discussions, as the increase will bring total production to 7.2 billion barrels a day at the start of 2021.
Collectively known as OPEC-plus, the members agreed to the largest single output cut in history in April, cutting 9.7 million barrels a day, before scaling back to 7.7 million in August.
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