Oil Producers Agree Record 9.7m Barrels Output Cut
April 13, 2020
7:03 am
Top oil-producers agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war.
OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.
Mexico’s involvement in the deal led to a compromise being reached.
Mexico’s Energy Minister Rocio Nahle said the oil producers agreed to a cut of 9.7 million barrels per day from May.
The deal was down slightly from 10 million barrels per day envisioned …
