OPEC

The Organization of Petroleum Exporting Countries (OPEC) and non-bloc producers agreed on Tuesday to allow Russia and Kazakhstan to slightly raise oil output in the next two months.

In accordance with a deal published by the OPEC, Russia will increase its output by 65,000 barrels per day (bpd) from the January level to 9,184,000 bpd in February and by another 65,000 bpd to 9,249,000 bpd in March.

Kazakhstan will boost its production by 10,000 bpd to 1,427,000 bpd in February and by another 10,000 bpd to 1,437,000 bpd in March.

Saudi Arabia will voluntarily cut production by 1 million bpd during those two months while all other members will keep their production steady.

The agreement led to a rally in oil prices with Brent crude climbing 5 percent to $53.65.