OPEC and a group of Russia-led oil producers agreed to continue pumping more crude, betting that pent-up demand in a post-lockdown world will outweigh any hit to economic activity by the recent permutations of Covid-19.

The Organization of the Petroleum Exporting Countries and allied producers led by Russia said Thursday they would raise their collective production by another 400,000 barrels a day in January. The group agreed earlier this year to boost output in such increments each month until production reaches pre-pandemic levels.

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