Akos Stiller | Bloomberg | Getty Images OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.
7 million barrels per day, following multiple days of discussions and back-and-forth between the world's largest energy producers.
The group, known as OPEC+, initially proposed cutting production by 10 million barrels per day — amounting to some 10% of global oil supply — on Thursday, but Mexico opposed the amount it was being asked to cut, holding up any final deal. Under OPEC+'s new agreement, Mexico will cut 100,000 barrels per day, instead of the 400,000 barrels per day it had initially been asked to cut.On Friday President Donald Trump said the U.S. would cut production in an effort to get Mexico "over the barrel."
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Russia's Novak says hopes OPEC+ to be fully agreed in coming days: RIARussian Energy Minister Alexander Novak said on Sunday he hoped that the group of leading oil producers will fully agree and sign a deal to cut the global crude output in the coming days, Russian state-run RIA news agency reported.
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Russian, Saudi ministers to chair OPEC+ meeting on Sunday: AzerbaijanRussian Energy Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman will chair an OPEC and non-OPEC online meeting later on Sunday, the Azerbaijan energy ministry said.
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Trump says US will 'help Mexico along' with its OPEC+ production cutsPresident Donald Trump said on Friday that the United States would 'help Mexico along' with oil production cuts that it is meant to make under a global deal to shore up slumping crude oil prices, but said the details had yet to be worked out.
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Trump pledges to help Mexico meet output cuts sought by OPECPresident Donald Trump said the United States would cut oil production to assist Mexico in keeping a deal between OPEC and other oil-producing countries
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Record oil production cut hangs in the balance as G20 meeting concludes with no specificsG20 energy ministers did not discuss specific production numbers at their extraordinary meeting, meaning the 10 million barrels per day production cut proposed by OPEC and its allies remains uncertain.
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Trump says US will 'help Mexico along' with its OPEC+ production cutsPresident Donald Trump said on Friday that the United States would 'help Mexico along' with oil production cuts that it is meant to make under a global deal to shore up slumping crude oil prices, but said the details had yet to be worked out.
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