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The deal covers the group’s production level by the next 2 years and will be implemented in 3 stages.
23 countries as members of the Organization of the Petroleum Exporting Countries (OPEC) and their non-OPEC allies finally struck an agreement after hours and days of intensive negotiations.
The group have agreed to cut production by 9.7 million barrels per day for May and June.
The oil and energy ministers of OPEC+ countries, in their tenth extraordinary meeting via webinar, finally endorsed Mexico’s offer to cut its output by 100,000 b/d in May and June, 2020.
