Citing robust demand and fading pandemic worries, an alliance of major oil producing countries agreed on Wednesday to extend production increases into March.

Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said they aim to boost output by 400,000 b/d next month.

The effort would continue a targeted rate of monthly supply increases the cartel began in August to gradually unwind production cuts of nearly 10 million b/d made in April 2020 amid the initial demand destruction imposed by the coronavirus.

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Analysts noted OPEC’s and...