An oil pump jack in an oil field near the city of Almetyevsk. (Photo Credit: Yegor Aleyev/TASS)

December talks of OPEC+ countries ended and the OPEC Secretariat confirmed in its communique that OPEC+ member-states will continue increasing oil production by 400,000 barrels per day.

All the countries agreed to proceed with oil production recovery in January 2022 by 400,000 barrels per day, according to the communique posted on the OPEC’s website. The plan to compensate overproduction of oil is extended until June of the next year.

The next meeting of OPEC+ countries will be on January 4, 2022.

Russia and Saudi Arabia will be able to increase oil production in January by 109,000 barrels per day each to 10.122 mln barrels daily.