In an emergency virtual meeting Sunday, OPEC+ arrived at a deal to slash oil production by 9.7 million barrels a day starting May 1, a senior OPEC source tells CNN. The cuts will remain in place through June, the source said.
The group has been seeking to cut production in order to buoy oil prices, which have fallen to 18-year lows in recent weeks. The drop came as Saudi Arabia and Russia launched a brutal price war, flooding the market with oil while the coronavirus dealt a devastating blow to energy demand.
tried to reach a tentative deal at a meeting Thursday for a cut of 10 million barrels a day, but member country Mexico would not agree to that deal. Mexican President Andrés Manuel López Obrador said Friday his country would cut its output by 100,000 barrels per day and the United States would make up the rest of its contribution to the production cut. The United States is not an
member.Major oil producers race to finalize output cutsAccording to López Obrador, Trump offered during the phone call to cut US production by 250,000 barrels per day to compensate for Mexico. Read MoreAt a news conference Friday, US President Donald Trump confirmed he spoke to the Mexican President and agreed to a cut, though he did not confirm the exact size. He said Mexico would reimburse the United States at a later date.
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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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OPEC and allies finalize record oil production cut after days of discussion
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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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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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