However, there hasn’t been an agreement on policy for the rest of the year.
According to a report by Goldman Sachs, "OPEC+ clearing the hurdle of exiting its current cuts in a coordinated way ... reinforces our conviction in a steady and sustainable rally in oil prices through 2021."
The increase translates that OPEC+ will be cutting production by 7.2 million barrels per day or 7% of world demand from January. This is a reduction from its current cut which is 7.7 million barrels per day.
OPEC+ was expected to continue existing cuts until at least March.