OPEC+ agrees to gradually increase production with not more than 500,000 BDP starting next year- KUNA

CAIRO, Dec 3 (Reuters) - Kuwait oil ministry said on Thursday that it suggested to the OPEC+ group, alongside Algeria and Azerbaijan, to gradually increase oil production with not more than 500,000 barrels per day (bpd) starting from January 2021, and that its suggestion gained full backing from the 23 OPEC+ countries, state news agency KUNA reported.

The suggestion also included extension of compensation period for non-compliance with production quotas to the first quarter of the next year, the statement from the oil ministry received by KUNA said. (Reporting by Hesham Abdul Khalek)