OPEC, Oil Nations Agree to Nearly 10M Barrel Cut Amid Virus
DUBAI, United Arab Emirates (AP) — OPEC, Russia and other oil-producing nations have finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war.
The group of nations agreed on a video conference Sunday to cut 9.7 million barrels a day to begin May 1.
Mexico had initially blocked the deal. Iran's oil minister also says several Middle Eastern nations agreed to an additional cut of 2 million barrels a day.
They reached the deal just hours before Asian markets were set to reopen Monday.
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