Oil: agreement reached with Opec + to cut production

2020-04-12T18:37:12.745Z

Opec + has reached an agreement to cut oil production and end the price war. The Bloomberg agency reported this, citing some delegates. The agreement is on the reduction of 9.7 million barrels per day. Mexico will reduce its production by 100,000 barrels per day. Opec, Russia and other allies, a group known as Opec +, have outlined a plan to cut their oil production by over a fifth, but the final deal depended on Mexico's signing of the pact, which had opposed cuts to production. Today the agreement was reached.

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• OPEC + reached the first phase of production reduction agreement in May and June to reduce crude oil production by 9.7 million barrels per day 4 years
• OPEC + reached the first phase of production reduction agreement in May and June to reduce crude oil production by 9.7 million barrels per day 4 years