The Organization of the Petroleum Exporting Countries (OPEC) and a group of Russia-led producers (known collectively as OPEC+) agreed on Wednesday to continue increasing oil production gradually as they had agreed at their meeting in July.

At a virtual meeting, the group decided to boost output in monthly installments of 400,000 barrels a day through the end of 2022.

The agreement came despite pressure from Washington, which last month said the planned increase was not sufficient to keep up with demand. It urged OPEC to increase oil production faster as countries around the world seek to emerge from the COVID-19 pandemic.

"While the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and the Organization for Economic Co-operation and Development (OECD) stocks continue to fall as the recovery accelerates," OPEC+ said in a statement following the meeting.

Adding too much oil to the market could cause prices to slip, while holding back production would mean lost revenue for OPEC+ members. In fact, the members agreed during their 20th meeting that the compensation period for underperforming members should be extended until the end of December this year. The underperforming countries should submit their compensation plans by Sept. 17.

The next OPEC+ meeting is scheduled for Oct. 4.

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