After Trump's intervention, the OPEC Plus alliance announces the largest oil production cut in history

In the wake of an oil war between Saudi Arabia and Russia, the OPEC Plus coalition announced on Sunday that an agreement had been reached to make the largest reduction in oil production in history in order to stop the collapse in prices.

The alliance said it had agreed to cut production by 9.7 million barrels per day (or about 10% of global supply) in May and June, after lengthy talks for four days, and after pressure from US President Donald Trump.

This is the largest reduction in global oil production in history, more than four times the reductions agreed by producers in the midst of the global financial crisis in 2008.

Trump: "Great" Agreement
"The major oil deal from OPEC Plus has been fulfilled ... it will save hundreds of thousands of jobs in the energy sector within the United States," President Trump said on Twitter.

He thanked Russian President Vladimir Putin and King of Saudi Arabia Salman bin Abdulaziz for their efforts to achieve the agreement, adding, "I just spoke with them ... It is a great agreement for everyone."

Triple call
The Kremlin said that Putin had a triple phone conversation with the King of Saudi Arabia and the American President, and that the three confirmed their commitment to the new "OPEC Plus" agreement to reduce oil production and its entry into force.

The official Saudi Press Agency reported the call, and said that the three leaders expressed satisfaction with the results of the recent efforts to achieve stability in the oil markets, adding that they stressed the need for producing countries to continue to fulfill their responsibilities in terms of market stability and support for the global economy.

The Saudi Crown Prince's comment
In another phone call, Trump spoke with Saudi Crown Prince Muhammad bin Salman, and both sides welcomed the agreement to cut oil production.

According to the Saudi Press Agency, Muhammad bin Salman assured President Trump that the agreed cuts in oil production are commensurate with the scale of the consequences of the Corona epidemic.

Details of the agreement
The agreement comes after meetings via the television circle of the countries of the "OPEC Plus" coalition. Russian Energy Minister Alexander Novak said before the announcement of the agreement that the United States is ready to reduce its oil production by between two and three million barrels per day, describing Saudi Arabia's decision to increase production recently as "irrational."

The "OPEC Plus" coalition said it looked forward to the non-members of the alliance, such as the United States, Canada, Brazil and Norway, to reduce another amount by 5% of oil production, or about five million barrels per day.

Sources in the alliance told Reuters that the actual oil production cuts may total up to about 20 million barrels per day, when calculating the contributions of non-OPEC countries and voluntary reductions in greater proportions by some members.

American pressure
The US "Wall Street Journal" said the deal to cut oil production came after President Donald Trump, who pressed Saudi Arabia to make concessions with Mexico, which was rejecting Saudi proposals to cut production.

The newspaper pointed out that Saudi Arabia and Mexico fought over the reduction of oil production, which put the agreement at risk without the intervention of the United States.