BP’s group production decreased by 8.1% and reached 3.47 million barrels per day in 2020.
On Sunday, the UAE announced the discovery of new oil fields in the emirate of Abu Dhabi.
Optimism over the success of vaccine development drove oil prices up nearly 20% in November.
Libya is currently exempt from the obligation to cut oil production.
OPEC+ ministers will consider postponing the planned increase in production from 2021.
The weakening of the Norwegian krone in the past year has driven up costs on several development projects.